NFTs: Is it Still a Digital Gold Rush or Do They Have Real Value?

NFTs made a splash in public in early 2021. NFTs were selling for millions, celebrities were launching their own series, and Twitter avatars were transformed virtually overnight into an investment portfolio. It was wild, interesting, and — to many — absurd.

Flash to the present, and the mania has all but worn off. The coverage by the press has all but stopped. Prices have dropped. The story today isn’t what NFTs trade for; it’s whether NFTs have any value at all.

Were NFTs just a big speculative bubble, or is there some actual value to the idea of digital ownership? Let’s look at where NFTs came from, where they’ve gone, and where they may be headed — especially in art, gaming, and the emerging metaverse.

A Quick Review: What is an NFT

NFT stands for Non-Fungible Token — a unique digital item, stored on a blockchain (often Ethereum). NFTs are distinct items, unlike Bitcoin or Ethereum, however (which are fungible, one token for another), NFTs cannot be exchanged for one another or be considered equivalent, such as an artwork, song, virtual land, collectible, etc.

You’re not buying the artwork file — you are buying a digital proof of ownership and authenticity that…