NFTs (or Non Fungible Tokens) have been on the tips of everyone’s tongues for the last few months. Brands from Givenchy to the NBA are getting in on the game. Their adoption by the mainstream has been so quick and so profound that last year Collins Dictionary even made the term their word of the year for 2021.
However, just because we’ve been talking about NFTs does not mean that everyone is a convert to the cause. The fact that in the last 30 days (at the time of writing), 9 of the top 10 NFT sales were Bored Apes or Cryptopunks — the two kings of NFTs — is proof that the wider NFT market has yet to capture the public’s imagination. If you’ve heard about NFTs in the press, chances are that article was illustrated with a Bored Ape or a Cryptopunk. Last year, a bundle of 101 Bored Ape NFTs went for $24 million, and a Cryptopunk resold for nearly $12 million at Sotheby’s. Despite the myriad of new NFT projects launching every day, legacy tokens with established resale value are still king.
The way much of the press has written up NFTs as speculative assets for the…
