[acdha]

It's partially the ideology but also the fact that as a very weak fiat currency everyone who bought in early has no way to cash out unless they can convince other people to buy their tokens instead of something else. All of those VCs, early adopters, etc. have a massive financial incentive both to talk it up constantly and create pump-and-dump schemes around things like NFTs because the alternative is walking away from the money they initially spent. The sums in question will pay for a lot of promotion and human psychology tells us there will be plenty of people hoping they can promote it back up to what they think it's worth based on paper profits they didn't realize in the past. I'd expect even more volatility as the major players quietly cash out.

[seibelj]

I am friends with people with tens of millions of dollars in crypto and they aren't cashing out. If you listened to people on HN none of them would have stuck by their investment. Crypto is a multi-generational project.

And some people like NFTs just like they enjoy baseball and Pokemon cards - it's for collecting, except they can also be used programmatically in software. NFTs are for entertainment.

I think you are just woefully misinformed and know essentially nothing about what is going on here, but the HN karma is pretty nice.