NFTs
Would-Be NFT Millionaires Throw Darts and Hit Duds
- Beware the hype cycle in diverse world of non-fungible tokens
- Industry returns vary greatly while investing risks pile up
Source: OpenSea
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As co-founder of a website tracking the spectrum of digital collectibles, Gauthier Zuppinger has seen it all. Drawings of toads, apes, abstract blobs, octopuses on heads, fire-breathing devils, and more.
Since last month, as non-fungible tokens supplanted meme stocks and minor coins in speculative imaginations, his website has added 169 collections -- more than the prior 12 months combined. For anyone convinced they possess an investing edge to become the industry’s Warren Buffett, the chief operating officer of Nonfungible.com has a word of warning.