Would you pay R7.5m for a picture of a rock NFT?
Non-fungible tokens are an innovation that might be even more important than the cryptocurrencies they are based on — but not like this
A few nights ago, cryptocurrency entrepreneur Justin Sun announced on Twitter that he had paid half-a-million dollars for a picture of a rock with laser eyes. It wasn’t even a good picture of a rock. It had little to no artistic merit, like most of the non-fungible tokens, or NFTs.
Whether it’s the original cryptokitties, or the penguins wearing hats, or the rocks, it is all crypto-community internet kitsch, a big inside joke that none of us are supposed to get except for the cool crypto kids. The geeks buy and sell these “assets”, driving prices up to unsustainable heights, while the rest of us just shrug. We just don’t get it, they say. I get it perfectly well...