Am I just too skeptical on Crypto and NFTs? [View all]

If this stuff is so valuable, why aren't Beanie Babies or Cabbage Patch Dolls also a form of currency? Because in they day, they were trading at insane prices too. And now? not worth very much.

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https://finance.yahoo.com/news/7-nft-crypto-plays-adventurous-150308585.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Investors looking at playing the non-fungible token (NFT) space have seen options balloon in recent weeks. Indeed, companies are jumping aboard the cryptocurrency and NFT crypto plays bandwagon like never before.

Some investors may never heard of these so-called non-fungible tokens. Indeed, they’re a new phenomenon, and it’s still a very nascent space.

Essentially, NFTs are the latest crypto that crazy investors are buying into. By creating a unique, non-replicable copy of an image or video (such as a painting, or a Lebron James dunk), investors can own the “master copy” of a highly sought-after collectible.
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https://en.wikipedia.org/wiki/Non-fungible_token

Description

A non-fungible token (NFT) is a unit of data stored on a blockchain (a digital ledger) which can represent a unique digital item like art.[1] An NFT is a cryptographic token, but unlike cryptocurrencies such as bitcoin and many network or utility tokens, NFTs are not mutually interchangeable, i.e., not fungible.[3] An NFT is created by uploading a file, such as an artwork, to an NFT auction market, such as KnownOrigin, Rarible, or OpenSea.[4] This creates a hash of the file recorded on the digital ledger as an NFT, which can be bought with cryptocurrency and resold. Very little data is stored directly inside an NFT. NFTs include links pointing to where the art and any details about it are stored, but the links can die.[5] Ownership of an NFT does not inherently grant copyright to any art represented by the NFT.[6] Although an artist can sell an NFT representing a work, the artist can still retain the copyright to the work and create more NFTs of the same work.[7][8] The buyer of the NFT does not gain exclusive access to the work,[9] nor does the buyer gain possession of the "original" digital file.[10] A person who uploads a certain work as an NFT does not have to prove that they are the original artist,[11] and there have been numerous cases where art was used for NFTs without the creator's permission.[12]
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