Many people even today are reluctant to get involved in cryptocurrencies. It most definitely seems as if we are trading our real and valuable fiat currency for something which exists only virtually. It is in a way exactly like buying in-game coins/points from real dollars just to get some perks in the game. I for one always found people doing this as absurd.
But cryptocurrencies and NFTs are different. They can again be traded for real dollars. See, these cryptos have no intrinsic value. The only worth they have is the amount other buyers are willing to pay you for that crypto. It is a demand and supply game. Bitcoin in particular reached that high 50k+ USD price because of its limited supply of 21 million. While dogecoin, even with all the hype it created, still couldn't go above 0.7 USD because it has an unlimited supply and its circulation of coins is already in trillions.
Many believed at the launch of bitcoin that this concept wouldn't last long. But they were proved wrong as today more than a decade later the concept has only grown resulting in tens of thousands of more types of cryptocurrencies. It is still believed to be a volatile and high risk investment compared to say stock market. Nevertheless, it seems to be the fastest and easiest way to be a millionaire and that idea really attracts people. The "buy the dip" idea forces people to keep the price stable if not increasing and prevents potential crashes.
I believe crypto market will only continue to grow. Now with artists and companies adopting NFTs. It may not replace fiat currency, but it would certainly compete it as it gets more and more use in our society day by day.
