How the NFT market rose and crashed, and who’s left holding the bill
Posted October 13, 2023 7:28 am.
Last Updated October 13, 2023 8:12 am.
In today’s Big Story Podcast, a couple of years ago, NFTs were the next big thing. They were everywhere, with celebrity endorsements, big media companies jumping on the bandwagon and ceaseless promotion from nearly everyone in the crypto sphere. They were “valued” as one-of-a-kind tokens to exclusive communities and riches to come.
Today? A new report finds that 95 per cent of them are absolutely worthless, and the communities that sprung up around them are ghost towns.
Ed Zitron is the writer of Where’s Your Ed At? and CEO of EZPR. “It’s scary that this took off, but actually quite funny how it crashed. But still, there are tons of victims,” said Zitron.
Millions of dollars have been lost. But whose millions? The people who created and promoted them? Or the folks who saw a chance to join that club and put the money they couldn’t afford to lose into a risky play?
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