Why is NFT worth millions of dollars?

2 min readMar 30, 2022

When you first learn about the NFT market, you will probably feel that everything is crazy when there are art products labeled “irreplaceable” and worth thousands and millions of dollars for one. So why would anyone be willing to pay so much to buy a product based on the NTFs?

NFT’s “only you” form of transaction

NFT is a type of information stored on the Ethereum Blockchain. This means that you can view buying NFTs as a profitable investment. When Ethereum goes up, the value of the product you buy also increases. The most special feature here is that the products that you buy cannot be replaced, such as gifs, memes, pictures, videos, albums…

For example, in Leonardo da Vinci’s painting of Mona Lisa, you can find a series of similar paintings on the street, but only one has a high value because it was drawn by Leonardo da Vinci himself. That is the only and standard painting.

2. Can only the rich afford to buy digital products on NFTs?

NFT is a hot keyword for investors with a long-term vision. Christie’s auction house sold a painting by the American artist for $69 million. Or recently, Justin Bieber — the popular male singer, bought a monkey-shaped digital work on NFT for more than 1.3 million USD.

Not all digital products on NFT are super expensive. You can buy many products for just a few dollars, all the way up to several tens of dollars. Just like playing stocks, you must know which NFT to choose for a profitable investment. The nature of NFT is virtual, so owning an investment product like NFT is a relatively new concept. However, the world is increasingly “virtualized” through buying and selling on e-commerce platforms and making friends on social networking platforms, so “virtual” investment activities are also popular with many investors’ special investment interests.