Remember NFTs? They were like Pet Rocks but instead of a rock there was fraud. Now they’re dead, pretty much, and what’s left is data.
It’s data that might prove quite useful, in a way that proprietary digital receipts for JPGs of monkeys never were, because it promises a 360-degree view of speculation in its purest form.
As well as being absent of any fundamental value, NFTs were practically impossible to short or hedge, so they appealed almost exclusively to retail punters. Add in public blockchains that give each trade provenance and traceability, and we have what’s probably the first diagrammatic description of how the actions of individuals foment a madness of crowds.
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