The economics behind NFTs – why celebrities such as Justin Bieber, Gwyneth Paltrow and Eminem pour millions into Bored Apes

Source: Tech – South China Morning PostMention NFTs and people get all defensive. Self-proclaimed evangelists of non-fungible tokens say “it’s a generational thing”, meaning anyone who is shocked by the millions spent on cartoon images of an ape is simply old.Sceptics of NFTs are devastatingly dismissive too. When they say “how can this possibly be art?”, what they really mean is that the collectors of Bored Apes, Cryptopunks and other digital images sold in cryptocurrencies have warped values, make crass speculative bets and, worst…Read More

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