I work in tech and know just enough to not be an enthusiast about any of it, so while I understand the concept of NFTs, I don't really understand how any of it works in practice.
I keep seeing these pictures, like a monkey cyborg or the ugly cartoon lions, that have sold for huge amounts. I understand people are paying in Ethereum or whatever, so it's not exactly like they're selling for millions of dollars, but what is stopping me from making a bunch of crappy art, turning it into NFTs, selling it all for Ethereum, and cashing out the Ethereum? Is there some special significance to the NFT art I'm seeing that makes dumbasses want to buy it? Like the artists are well known, or the images are well-known memes or something? I'm guessing I can't just start doing it too because if it were that easy everyone would already be doing it. Help me understand
Dude don't do it. Your chances are better holding eth or btc. What they are doing is buying their own NFT or having a buddy buy it to create hype and then sell it off to anothe suckers. No one will give a fuck about these things and you will be left holding the shit bag.