Why are NFTs so expensive?
Well, it depends. Not all NFTs are expensive. Some are extremely expensive, while others are effectively worthless. NFTs can be expensive due to their limited availability and the value placed upon them by collectors. Since each NFT is one-of-a-kind and cannot be replicated, they are sometimes highly sought after by collectors who are willing to pay a premium. Popular NFTs can go through multiple rounds of bidding which can drive up the price. As NFTs gain acceptance, the demand increases accordingly and this is reflected in the price.