The NFT Debate Continues to Rage On, Art or Investment?

1. The value of many NFTs have fallen since the peak of the 2021 bullrun.
2. Yet, many refuse to sell their NFTs, even during the peak.
3. This proves that NFTs are valuable art pieces that hold both emotional and monetary value.

The Reddit NFT corner is buzzing over two separate discussions pertaining to the same topic. Specifically, both conversations on the CryptoCurrency Reddit thread are revolving around the falling prices of two NFT purchases. 

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In detail, one conversation is about an incident that occurred two years ago at the peak of the 2021 bullrun. This conversation centers over a CryptoPunks NFT owner who refused to sell his NFT. Then the value of this NFT was 2500 ETH, that’s $10 million. Presently, the value of this NFT is 50 ETH which is $100,000.

Redditors are expressing their bafflement at how the NFT owner refused to sell a jpeg for $10 million. Responses to the tweet talk about how the NFT owner shared a full Twitter thread explaining why he refused to sell. To highlight, the owners biggest reason for not selling is his attachment to the NFT as he built his identity around it.

As we can see from this, most NFT owners don’t care for the price of their NFT. This could point out to the fact that NFT as art is bringing great value to these assets. Those who simply like the piece will likely buy it. Perhaps some day when the price of NFTs goes high again, they will consider selling. The owner even said if the buyer added another 0 to the $10 million bid, he would consider selling

No doubt, NFTs continue to hold their value. But the fundamental question remains, are Non-Fungible Tokens art or investments? Perhaps they are both? But how does one measure its value? For some art is invaluable, for it comes with special meanings and emotional attachments. For others art is to be enjoyed until it is time to pass it on to another. 

The latter meaning could work well in defining art as an investment. After all, most historic art pieces gain more value only once it is marveled at long after its time. Perhaps NFTs are ahead of their time and their value will rise once again after their time.

For now most NFT collectors don’t seem to care about the current value of their NFTs. In fact, many hold onto their NFTs due to their attachment to the Non-Fungible Token. Additionally, many built their online identities around their NFT and do not wish to part with them, for even the greatest of monetary value.

Similarly, the other thread talked about how celebrity Justin Bieber brough $1.3 million worth of NFT which is now worth $59,000. Responses to this says most celebrities get paid to endorse the NFT. Hence, to many, NFTs are just a cool souvenir. Either way, the NFT continues to hold value, especially to the fans of these celebrities.