The NFT craze has stopped being funny

These hideous cartoon apes will not be worth half a million dollars for long

The Mona Lisa.
(Image credit: Illustrated | iStock)

For watchers of the NFTs phenomenon, it's been a wild couple of weeks. "All apes gone," tweeted art gallery owner and crypto evangelist Todd Kramer on Dec. 30, after someone swiped his collection of "Bored Ape" NFTs. Then Eminem was reported to have purchased one of those same apes for a cool $462,000 in cryptocurrency — just the latest in a long string of celebrities getting in on the craze. (Matt Damon also appeared in a crypto ad during prime time football Sunday night.)

As an NFT skeptic, some guy getting scammed out of his collection of objectively hideous procedurally-generated ape cartoons was amusing. But it's all getting steadily less funny. Real non-rich people are putting a lot of money into these things, and there are good reasons to think sooner or later most of them are going to lose their shirts.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us