CRYPTO WATCH

Do NFTs have any value at all?

The key to the value of NFTs lies in what they actually provide - the claim to authenticity. Whether or not that’s worth today’s market prices is a different matter.

Bored Ape Yacht Club #4418, one of a set of 10,000 non-fungible tokens (NFTs) representing cartoon apes, made by the U.S.-based company Yuga Labs is seen in this image created in the digital space, May 1, 2021. Image created May 1, 2021. Property of Nexo/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT VIA REUTERS
The CryptoPunks page on Opensea app is displayed next to non-fungible tokens (NFTs) of the CryptoPunks collection by Larva Labs shown on its website, in this illustration picture taken March 25, 2022. REUTERS/Florence Lo/Illustration##########mlnft28########## REUTERS

Genping Liu

Published Sun, May 8, 2022 · 03:49 PM

MY first exposure to Non-Fungible Tokens (NFTs) was back in 2017, when I chanced upon a blog post by Fred Wilson featuring the RarePepe project. I was immediately hooked by this novel concept and decided to get my hands dirty, enduring the then-cumbersome trading processes.

After hours of research, I ended up using a small and obscure Canadian exchange to speculate on Pepe Cash for a bit, before throwing in the towel due to both technical challenges and the small ecosystem around counterparty blockchain. Over the years, I have also dabbled in Crypto Kitties amongst other NFTs, but largely in the role of an observer. It’s fascinating to witness first hand the development of the concept and surrounding ecosystem. I could not have, back in 2017, imagined the kind of global obsession with NFTs that has beset the world today.

Gravity-defying market

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