Don't Believe the [NFT] Hype

At the height of NFT mania, everyone from athletes like Tom Brady to celebrities like Justin Beiber seemed to be buying (or talking about) collections like Bored Ape Yacht Club. Non-fungible tokens aren’t just pictures of monkeys though - they exist on the blockchain, and buying or selling them typically requires paying in some kind of cryptocurrency, often Ether. While the link between NFT prices and the prices of tokens like Ether or Solana is not always straightforward, it’s true that nonfungible tokens haven’t been entirely spared from the chill of the crypto winter. For more on NFTs, and how and whether they’re holding up these days, Bloomberg reporter Prarthana Prakash joins this episode.See omnystudio.com/listener for privacy information.