Something is happening and we don’t know what it is. Suddenly last summer, the internet went nuts for “non-fungible tokens” or “NFTs.” In a matter of months, NFT sales swelled from a sleepy slough of the blockchain to a thundering cataract that shows no sign of slaking. Special NFTs sell for millions of dollars, and some are even securitized. It’s a big business that’s only getting bigger.
But no one seems to know why. Objectively, NFTs are useless, meaningless, and worthless. So why are people willing to pay millions of dollars for them, even begging for the opportunity? Maybe it doesn’t matter. If themarket says NFTs are valuable, who are we to doubt it? Still, I’m curious. Why are people buying NFTs, and what accounts for their value?
|Journal||Law Faculty Scholarly Articles|
|State||Published - Jan 1 2022|