Because most people here haven’t made it yet.

Whenever I see post like these

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

https://np.reddit.com/r/CryptoCurrency/comments/sib6ur/the_concept_of_nfts_is_valuable_but_a_jpeg_is_not/

"NFT is easily the most practical utility for blockchain but at the moment it is completely associated with JPEGs and Farts in a jar. Here is a look at some interesting utilities."

https://np.reddit.com/r/CryptoCurrency/comments/spm7bj/nft_is_easily_the_most_practical_utility_for/

"NFTs are ruining crypto's reputation."

https://np.reddit.com/r/CryptoCurrency/comments/srk0w9/nfts_are_ruining_cryptos_reputation/

You should ask instead, why do girls buy Chanel bags and why do boys buy Patek Philippe watches ? They could’ve bought several live cows, pet crocodiles and a metric ton of brass plating for the price of a single luxury bag. You could commission a leather workshop to make an exact replica of any luxury leather bag in the market for 1/10th of the price. However, try asking asking your girlfriend, which one does she prefer for her Valentine’s gift, 1 original Chanel or 10 high quality copies of it from China ?

It doesn’t have to make financial sense because they are luxury brands and so are NFTs like CryptoPunk and BAYC that grants you access to VIP clubs. It’s the new digital bling, stop seeing it purely from an investment viewpoint / get rich quick scheme.

TL;DR: NFTs are digital status symbols

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Hmm, I should probably make an NFT of this post.