Bitcoin and Dogecoin reached all-time highs last year, but 2021 was the year of the nonfungible token. Last year, almost $25 billion was spent on NFTs, a few billion more than was spent at the global box office. Despite – or perhaps because of – that high result, there is a stigma attached to NFTs. Most people are either perplexed by the exorbitant pricing NFTs command or are sure they are a sophisticated deception, a rip-off waiting to happen. Critics see NFT purchasers as scumbags who waste money on JPEGs that they could simply “right-click-save” for free.
That refrain won’t remain true for long. NFTs are developing, for better or worse, in 2022.