2021 saw the rise and mania of NFT’s (Non Fungible Tokens)
In March of 2021, Beeple sold a JPG image for a whopping $69 million at Christie’s, making him the third most expensive living artist to date.
What proceeded and followed was absolutely insane: Rap artists like Snoop Dogg and other celebrities suddenly set their profile pictures on twitter to NFT’s and collections like Crypto Punks sell for million of dollar per JPEG’s. Budweiser enticed us to belly up to the blockchain-bar and launched Beer NFTs.
Many copy-cats followed and NFT’s were even brought up to congress. NFT’s caused a stir of controversy in the crypto world: Who really owns NFT’s, what are you truly buying, and what stops people from just screenshotting an NFT and re-uploading it?
Not to mention that despite the craze, NFTs have use cases far outside “art”, yet in 2021 that’s what dominated the NFT craze.
This was the most speculative sub-bubble within crypto we’ve seen since the 2018 ICO bubble.