HomeBusinessCommentary: NFTs are one big inflated balloon

Commentary: NFTs are one big inflated balloon

CANBERRA: Comedian Robin Williams as soon as known as cocaine “God’s way of telling you you are making too much money”.

This position might now have been overtaken by non-fungible tokens (NFTs), the blockchain-based means to say distinctive possession of simply copied digital property.

The newest NFT mania entails incredible quantities of cash being paid for “Bored Apes”, 10,000 avatars that includes variants of a bored-looking cartoon ape.

Last month rapper Eminem (actual identify Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to amass Bored Ape No. 9055 – nicknamed EminApe, as a result of its khaki and gold chain resembles what Eminem wears.

it purportedly joins greater than 160 different NFTs within the rapper’s assortment.

The Bored Ape character appears by-product of the drawings of Jamie Hewlett, the artist who drew Tank Girl and digital band Gorillaz.

According to to the creators, every variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say each ape is exclusive “but some are rarer than others”.

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