The concept of NFTs is valuable. But a JPEG is not worth millions of dollars.

In fact, I don’t think these JPEGs should be valued for more than 5 digits. And most of the time its not the market that’s setting these prices. They’re usually inorganically inflated.

This is exactly why NFT like Bored Apes are so hated. I think the only valuable thing about Bored Apes is the access to exclusive places and contacts but thats it.

Even then, I think this “exclusivity” is REALLY inflated when there are NFTs like Habtoor’s Last Hopium offering almost the same services and exclusivity for much less.

I don’t want to use the word “bubble” cause NFT do in fact have a lot of applications later on. So let’s use the word “inflated”.