Non-fungible tokens, which allow holders of art and collectibles to track ownership, are staging a resurgence after fading from the headlines during Bitcoin’s springtime swoon.
around $50,000. DeFi is seeking to go mainstream. But all anyone in the digital-asset world wants to talk about are NFTs.
And success hasn’t been easy to come by. For all the hoopla around Beeple’s $69-million windfall in March, plenty of NFTs end up languishing or selling for a few dollars apiece. “These were people too slow to capitalize the first time around,” said Aaron Brown, a crypto investor who writes for Bloomberg Opinion. “Since all of them seem driven by cynical calculation for money rather than any vision of NFTs, I suspect things will soon collapse.”
Savvy crypto investors such as Benjamin Tan have taken notice. Over the last few weeks, the 35-year-old entrepreneur has gone on a shopping spree to collect Pudgy Penguins NFTs, saying their cute cheeks and bright eyes are reminiscent of his 7-month-old daughter. Some of the activity may also be driven by questionable practices. Some sellers are driving up prices via recycling.
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