[wepple]

I’ll add that whilst I’ve provided a somewhat technical definition, as to the logical reason someone would pay that amount of money: no idea whatsoever.

I guess they’re hoping that these things retain and even increase in value. At some point in history we decided that ink on canvas could be immensely valuable based on scarcity (arguable also they’re nice to look at, unlike an NFT), and I’m guessing they hope the same for NFTs. I guess memes are highly recognizable works of art to some?

[usrusr]

“as to the logical reason someone would pay that amount of money: no idea whatsoever.“

One possible motivation: they see themselves in a position to benefit from NFT trading "becoming a thing". Either because they already own stock, or they expect themselves to become extraordinarily successful in speculation, or they consider themselves future creators, or they own/run a market where they will be traded. No matter which it was, they'd have a very real interest in bootstrapping the market into existence.

Pass around ownership in an effectively zero sum series of transactions with exponentially growing price, get media attention, stop being zero sum as soon as the first outsider steps in.

[user-the-name]

The logical reason is: To pump prices because you are running a scam.

https://twitter.com/FoldableHuman/status/1387956657171271681

[lugorrr]

By this logic, pretty much every asset you can buy with money is a scam. I'd rather say NFTs and money are social constructs.

[user-the-name]

By what logic is that? I do not see any logic anywhere here that would imply any such thing.