- Non-fungible tokens, which include digital art and cards featuring NBA highlights all recorded on blockchain, have been around since 2014 yet recently become objects of obsessive financial speculation despite flawed supply and demand dynamics.
- While NFT highlights such as LeBron James dunking have recently sold for $100K+, most of these NFTs aren’t unique; several copies of the same exact NFT are issued.
- Also, unlike most collectors items, many NFT purchases are motivated by quick-profit seekers; without long-term buyers, NFT prices could collapse.
