Economic Affairs

The NFT bubble and beyond

It will burst, but as with the bubble, that's not the whole story

It was reported that nearly US$41 billion had been spent on NFTs last year. PHOTO: REUTERS
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It is always hazardous to call out asset bubbles before they pop; bubbles can last for longer than we often imagine. But one asset class that looks suspiciously bubblicious is non-fungible tokens (NFTs) - one-of-a-kind digital files with ownership rights verified on a blockchain that can carry any type of digital content, such as art, music, text, video clips and even virtual real estate.

The numbers on the expansion of the NFT market vary depending on the source, but every estimate indicates that its growth has been explosive.

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