Various Bored Ape. By Yuga Labs - https://www.newyorker.com/culture/infinite-scroll/why-bored-ape-avatars-are-taking-over-twitter/amp, Fair use, https://en.wikipedia.org/w/index.php?curid=70061171
John Hawkins -- The Conversation
Oct. 1, 2023
Non-fungible tokens (NFTs) are in dire straits. With the market in a severe downturn, it's safe to assume the NFT bubble has well and truly burst.
It was never clear why these digital collectibles traded for such large amounts of money. Now they mostly do not. What's behind their turn of fate? And is there any hope for their future?
What are NFTs?
Non-fungible tokens are a blockchain-based means to claim unique "ownership" of digital assets. "Non-fungible" means unique, as opposed to a "fungible" item such as a five-dollar bill, which is the same as every other five-dollar bill.
But just because an item is unique that doesn't make it valuable. Digital assets are easily copied, so an NFT is essentially a receipt showing you have paid for something that other people can get for free. This is a pretty dubious basis for value.
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