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NFTs, Top Shot, and the Greater Fool Theory

What one NBA highlight tells us about the NFT bubble

R.J. Barrett’s NFT on Top Shot. Screenshot: Top Shot

The speculative frenzy surrounding NFTs (non-fungible tokens) has only gotten more frenzied since I wrote about it for Marker last week, with an NFT of an artwork by digital artist Beeple being auctioned off by Christie’s for more than $69 million. But incomprehensible as that sale was, the Beeple piece…

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James Surowiecki

James Surowiecki

I’m the author of The Wisdom of Crowds. I’ve been a business columnist for Slate and The New Yorker and written for a wide range of other publications.