After the hype, NFTs slip as speculators exit. Now emerging: a pendulum swing to real use cases
Synopsis
Non-fungible tokens, or NFTs, have taken a beating and are far from the hype they were just a year back. As the speculation and the initial euphoria ends, what’s emerging are the more mundane use cases, wherein NFTs will be used to authenticate everything from certificates, awards, and warranties.
“100% based on greater fool theory.”This is how technology titan and billionaire philanthropist Bill Gates described non-fungible tokens (NFTs) on the sidelines of a talk on climate change in June. Referring to Bored Ape NFTs, he even joked that “expensive digital images of monkeys” will “improve the world immensely. Despite all the initial excitement, it hasn’t taken long for things to change for NFTs, with analysts and sundry investors saying
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