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If we cast our minds back to 2022, you'd be familiar with the word 'NFT' being thrown around online and popularised by some of the world's biggest stars.
For the blissfully unaware, a non-fungible token (NFT) is essentially a 'token' to say you own a digital item. Each NFT has a different level of value and popularity.
Ownership is tracked through the blockchain, a system that records information in a way that makes it difficult or impossible to change, hack, or cheat the system. Each NFT has a different level of value and popularity.
NFTs became some sort of dystopian status symbol following the pandemic – especially Bored Ape ones, which were purchased by the likes of Paris Hilton, Eminem, Jimmy Fallon, and Serena Williams.
Justin Bieber forked out a staggering $1.3 million for a Bored Ape in January 2022. Today, it's reportedly worth an estimated $12,000, meaning it's dropped 99 per cent in value.
Moreover, Logan Paul purchased a rare Bumblebee 0N1 Force NFT for $623,000 in 2021. Five years later, it's said to be valued at $155.
"I'm just shocked it is worth $155, and not more like $1.55, if that," one person quipped.
It's worth noting that the value of NFTs fluctuates.
It didn't take long for netizens to chime in on the action, with many highlighting how their "NFTs are pointless" theories have come to fruition.
One wrote: "If I had a dollar for every time I said ‘NFTs are worthless’ and heard back ‘U JUST DONT UNDERSTAND’ I would have more dollars than this NFT is worth."
Another reiterated: "NFTs are worthless, it's pictures backed by nothing."
A third penned: "My wallet is full of NFTs, and they've mostly gone to zero! Is there any way I can get my money back?"
Meanwhile, another shared: "The NFT craze was wild. Looking back, it feels like one of the biggest money grabs of the decade — and people really bought in."
Bill Gates tried to warn people earlier on. In 2022, he described the NFT craze as being "100 per cent based on greater fool theory," the idea that someone can make money by purchasing overvalued assets. The buyer simply waits for the "bigger idiot" – or "greater fool" if you like – to come along and buy them out.
You should also read...
- Cryptobros are forking out thousands for 'NFT girlfriends' that make them feel like a 'pimp'
- Bill Gates slams NFT market over "greater fool theory"
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