Cryptocurrencies
NFTs Supplant Rolexes and Lambos as the New Digital Savvy ‘Flex’
- Cartoonish images make their way into profile pictures, apps
- Daily sales of NFTs reached an all-time high in August
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Bitcoin’s bouncing around $50,000. DeFi is seeking to go mainstream. But all anyone in the digital-asset world wants to talk about are NFTs.
Non-fungible tokens, which allow holders of art and collectibles to track ownership, are staging a resurgence after fading from the headlines during Bitcoin’s springtime swoon. Whether it’s crypto entrepreneur Justin Sun paying $500,000 for a picture of a rock, or cartoonish depictions of penguins and apes, NFTs -- born of the blockchain technology that powers cryptocurrencies -- are again at the center of the speculative buzz that drives digital markets.