NFTs, an overblown speculative bubble inflated by pop culture and crypto mania

Comedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the celebrity Comedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collectio

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclea

Eminem's Bored Ape avatar on his Twitter profil
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC B
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone els

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfro
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC B
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture

The rise of the celebrity influencComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the ceComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the ceComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the ceComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the ceComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the ceComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

The rise of the ceComedian Robin Williams once called cocaine “God’s way of telling you you are making too much money”. This role may now have been overtaken by non-fungible tokens, the blockchain-based means to claim unique ownership of easily copied digital assets.

The latest NFT mania involves fantastic amounts of money being paid for “Bored Apes”, 10,000 avatars featuring variants of a bored-looking cartoon ape. Last month rapper Eminem (real name Marshall Mathers) paid about US$450,000 in Ethereum cryptocurrency to acquire Bored Ape No. 9055 – nicknamed EminApe, because its khaki and gold chain resembles what Eminem wears. It purportedly joins more than 160 other NFTs in the rapper’s collection.

The Bored Ape character seems derivative of the drawings of Jamie Hewlett, the artist who drew Tank Girl and virtual band Gorillaz. According to the creators, each variant is “generated from over 170 possible traits, including expression, headwear, clothing, and more”. They say every ape is unique “but some are rarer than others”.

So what does Eminem now own? He has an electronic version of an image, which he is using for his Twitter profile. But then so does anyone who copies it from the internet. The only difference is that he has a record in a blockchain that shows he bought it. He also gets to be a member of the “Bored Ape Yacht Club” a members-only online space whose benefits and purpose beyond being a marketing gimmick are unclear.

Eminem's Bored Ape avatar on his Twitter profile.
Eminem’s ‘Bored Ape’ avatar on his Twitter profile. Twitter, CC BY
That’s about it. The intellectual property (such as it is) remains with the creators. He is not entitled to any share of merchandising revenue from the character. He can only profit from his purchase if he can find a “greater fool” willing to pay even more for the NFT.

Which is unlikely. While publicity given to the rapper’s purchase certainly seems to have boosted demand, the average price paid for Bored Ape NFTs so far in 2022 is about 83 Ether (currently about US$280,000). Eminem may have been prepared to pay much more for the one that looked more like him; but would anyone else?

'Bored Ape' sales activity from NFT marketplace OpenSea. Prices are in 'ether', the currency unit of the Ethereum blockchain platfrom.
‘Bored Ape’ sales activity from NFT marketplace OpenSea. Prices are in ‘ether’, the currency unit of the Ethereum blockchain platfrom. OpenSea, CC BY
NFTs are a highly speculative purchase. The basis of the market is proof of unique ownership, which only really matters for bragging rights and the prospect of selling the NFT in the future. NFT mania arguably combines the most tawdry and avaricious aspects of collectibles and blockchain markets with celebrity culture.

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