I've been saying this for long time. Now Melania Trump $170,000 NFT sale exposes the NFT scam

Everyone is faced with the same question.

Who is foolish enough to pay hundreds of thousands and even millions of dollars for a JPEG which is NOT EVEN STORED ON THE BLOCKCHAIN? The answer is nobody.

People sell NFTs to themselves to create hype and sucker in buyers. There's a guy named Gary Vee with a lot of celebrity connections who is leading this ring of scammers.

For those who still don't know, there's only a hash of the URI for the location where the picture is stored on Opensea server. Opensea has even removed and censored people's NFTs.

How NFTs work?

I have 1 million dollars in some altcoin in my wallet. Let's say ETH or SOL.

I make an NFT in another wallet.

I purchase the NFT myself for 1 million dollars.

Now I have 1 million dollars of ETH and a 1 million dollars value NFT. I doubled my money.

I can do rinse and repeat for a whole NFT gallery like bored ape club over and over to raise the floor price and attract suckers to buy them. Once third party buys it usually becomes illiquid meaning they usually can't sell it.