I’m trying to wrap my head around the reasons behind NFT purchases. I’ve come across the idea that an NFT signifies ownership of original digital art, making it easier to track ownership. While I grasp this concept, I’m puzzled as to why individuals invest in the same generic AI-generated images that initially sell for high prices but depreciate over time. For instance, Justin Bieber’s Bored Ape NFT confuses me. If NFTs were unique, artist-created pieces suitable for galleries, it would make sense, but many seem similar, just altered slightly in color or features. They lack real value to me, except perhaps in gaming contexts where they could function as in-game items or accessories. Most often, they serve merely as profile pictures or icons that aren’t particularly appealing. I’m eager to understand the reasoning behind the continued purchase of these minimally varied AI-generated assets, especially when their value appears destined to decline.
The motivation behind purchasing NFTs can be multifaceted and varies from one person to another. Beyond mere ownership, NFTs often offer a sense of community or membership within certain circles, fostering exclusive social networks. This community aspect can be particularly appealing, as being part of a niche group or a fanbase adds a layer of identity and belonging. Moreover, there is the speculative investment angle, where individuals buy NFTs in the hope that they will appreciate in value over time. Lastly, some view NFTs as a way to support and contribute to the future of digital art and technology. They see buying NFTs as a step towards supporting innovation and change in how we perceive digital ownership.