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How does the NFT bubble work? | The New Fantasy of Financial Capitalism

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Doubts about the NFT are becoming more and more certain: it is a bubble inflated far beyond its real potential. Non-fungible tokens, which have already been discussed in detail in this addendum, are records that are made on the blockchain to determine that someone “owns” a digital asset, from a piece of art to a recorded basketball game. But, what seemed like a solution to simulate a shortage of easily copied digital goods has become a scheme to grab the savings of those who want to get rich quick. The specialized publication Chainalysis found evidence of one of the mechanisms that allow artificially inflating prices.

digital recording

The big news that placed NFTs in the social imaginary was the sell-off. $69 millionfrom the play “Weekdays-First 5000 days”, a combination of photographs taken daily for thirteen years by artist Mike Winkelmann, known as Beeple, at Christie’s auction. The work, a kind of digital collage, is available online and can be copied, printed or shared with friends. Moreover, even the person who bought the NFT cannot collect…

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