Why is president Tan Hoang Minh's NFT picture being sold at such a high price?

DNHN - A user is selling an NFT photograph of Mr Do Anh Dung for 15 ETH (approximately 53,000 USD). The aforesaid price is more than three times that of Ms Nguyen Phuong Hang, CEO of Dai Nam, and Mr Trinh Van Quyet, President of FLC, whose NFT version was sold for 17,000 USD (equal to 5 ETH) after two months.

Non-fungible tokens (NFTs) are digital assets that reflect real-world artefacts like art, music, or video game items. They are purchased and traded on cryptocurrency exchanges online.

Even though NFT has been around since 2014, it is becoming more well-known because a lot of big fashion companies have joined. Many NFTs may cost hundreds of thousands of dollars depending on how uncommon and noticeable they are. 

Taking famous photos and "casting" them into NFTs before selling them is becoming popular in the Blockchain industry. Not only Mr Trinh Van Quyet and Ms Nguyen Phuong Hang but also other well-known Vietnamese millionaires, are openly traded in NFTs.

Notably, the aforesaid price is more than three times that of Ms Nguyen Phuong Hang, CEO of Dai Nam, and Mr Trinh Van Quyet, Chairman of FLC, whose shares were for sale for 17,000 USD (equal to 5 ETH) after these two were imprisoned.

According to VietNamNet, several NFTs associated with Vietnamese millionaires are presently for sale on the Open sea. These NFTs are part of account aka097's "Bitcoin Trillionaire Club (BTC)-It's Inevitable!"- NFT collection.

The presence of billionaire Tran Dinh Long (Chairman of Hoa Phat Group), Mr Ho Hung Anh (Chairman of Techcombank), Mr Tran Ba Duong (Chairman of Hoa Phat Group), and Mr Truong Hai Group are among the personalities whose portraits are "cast" into NFT. There are other NFTs named after Ms Nguyen Thi Phuong Thao (General Director of Vietnam Airlines) and Mr Nguyen Dang Quang (Masan Chairman).In contrast to the sky-high selling prices of Mr Trinh Van Quyet and Ms Nguyen Phuong Hang's NFTs, the aka097 account holder uses a general price of 0.01 Ethereum for the NFTs he generates, which is equal to just VND 800,000. In reality, the majority of these NFTs are just for sale and presently have no purchasers.

However, this is a new trend that represents NFT owners' assumption that, at some point in the future, someone would purchase back the NFT they created for speculative or collecting reasons.

Khai Anh