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Are NFTs really worth investing?

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Written by   31
1 month ago

NFT is still the most popular topic even this year in the crypto world. Many blockchains that did not have the NFT capabilities are coming up with a feature to create and trade NFTs. Even though it is good, I find it a little hard to understand the need for creating a random NFT just because we have two options available. Even more than that I feel awkward when people spend so much money to purchase NFTs as collectible assets.

I understand that some of the NFTs are sold out as limited edition art and people bid on that to get a copy of it. Yeah, most of the time people associate Art with NFTs and they sell their art as NFTs. That is understandable but someone taking a photo of their shoe and making it an NFT and another guy purchasing that NFT for 100$ is definitely madness. Maybe my artistic sense is that poor and I don't get a grasp of it. I really don't understand why these NFTs have to be that expensive.

Source

My perspectives on NFTs

I understand that many people purchase NFTs for the purpose of trading like buying it low now and selling it in the market later when the sale is over. That happens in most cases. I even understand that some of the NFTs with a low mind number have high demand compared to the NFTs that were minted recently. But in my perspective, I think that I would be interested to purchase and hold an NFT that gives me some value out of it, or at least there should be a purpose for me to hold it.

For example, most of the NFTs that I currently hold are all game assets. Those NFTs improve the game mechanics and also increase my earning chance in the game. I wish to spend money on such assets and purchase those NFTs. I also think that those investments are fair from my perspective. I will not even invest in a wardrobe for my game character that gives no significance apart from a good-looking character inside the gameplay. That is not something attractive for me.

I understand that perspectives are different for different people. I once had someone who wanted to buy my Rising star assets for a high price. The reason given to me was that I have better mint numbers or the issue numbers. I didn't know till then that "when an NFT was issued" matters a lot in deciding the price of that NFT. For me as a developer, it is just an ID in the Hive Engine database to identify a record. I never thought people would decide on the price based on that number.

Invest with caution

I would still say that invest only in NFTs can give you a good use case. There are so many scam projects out there and many people are coming up with some NFT or the other. People either purchase them for popularity or pride even though it has no real-world use case. Let's be honest people shouldn't be taking a photograph of their shoes and make it NFT. Even if that happens, people should know what they are buying.

I will most probably invest only in NFTs that will give me any monetary benefit. Game NFTs on Hive has a good use case for me and I would go for it. Maybe in the future, if I find some good arts that are of my interest, I might go for some. Otherwise, I'm not planning to purchase any NFTs in the near future. Definitely not the ones that are listed in the above screenshot.



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Avatar for bala41288
Written by   31
1 month ago
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Comments

I didn't see a link to Hive in the article so I Googled it. I gather that it's a crypto currency with token capabilities like ETH and BCH?

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1 month ago

Yes it is a blockchain with token capabilities. You can probably check out Hive Engine which is a sidechain for Hive with Token capabilities.

https://tribaldex.com/

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