NFTs. Did we know what they were? No. Did that stop us from buying them? No. Honestly, I’m not sure how much of our economy and financial markets would even function if people only bought things they understood.
But NFTs stand out because of the wild ride they went on in the last few years. Non-fungible tokens — little works of art that could be bought on the blockchain, little pieces of property you can own in cyberspace — achieved fame and made many fortunes over the last couple years.
But this year, NFT prices fell off a cliff. Nearly all of the NFTs on the market today are reportedly worthless.
This marks quite the fall from grace for the NFT, which saw a meteoric rise starting in 2021. It’s estimated that 23 million people bought NFTs — and it wasn’t just about sales. NFTs were a cultural phenomenon: They popped up in Super Bowl ads, White House speeches and Saturday Night Live…
