If you had to pinpoint the moment the NFT bubble was at its most grotesquely swollen, then it’s surely when Paris Hilton went on The Tonight Show Starring Jimmy Fallon in Jan. 2022. It was a fever dream of an interview, in which Fallon and Hilton had a stilted and bewildering chat about their recent investment in Bored Ape Yacht Club NFT artworks. “I wanted something that reminds me of me,” said Hilton, as Fallon held up a picture of an ape wearing a hat and sunglasses, and the audience applauded.
Flash forward a year, and the vast majority of NFTs are now virtually worthless, according to a report by dappGambl. An NFT of the first ever tweet – from former Twitter CEO Jack Dorsey that read “just setting up my twittr” – that sold for £2.3 million in 2021, is now worth around £1,200. In August, it was reported that a group of collectors who had invested in Bored Ape NFTs were filing a lawsuit against the numerous celebrities (including Fallon, Hilton, Justin Bieber and the auction house Sotheby’s) who they believe had falsely marketed the artworks and intentionally inflated their price.
More here – VICE
PS: To mangle two quotes together. Every crowd has a silver lining and you will never go broke underestimating the intelligence of the general public.