These days, the investment world seems more prone to fads and fashions than ever before, but it really jumped the shark with non-fungible tokens.
NFTs were so hard to explain that cryptocurrencies seemed a model of simplicity by comparison, while the irrational mania they unleashed made overblown meme stocks such as GameStop and AMC Entertainment look like steady, sensible trades.
Absolutely nobody who has read anything about NFTs will be surprised to learn that after prices rocketed to the stars in 2021, the direction of travel has subsequently been the other way – and at a similar speed. In technical terms, they have tanked.
So, can we consign NFTs to history alongside other irrational bubbles such as tulip mania and the metaverse, or is there a sensible idea lying in the rubble?
For those still wondering, Wikipedia describes an NFT as “a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity”.
It cannot be copied, substituted, or subdivided, which makes it a handy mark of ownership, allowing NFTs to be sold and traded.
Art, music and magical sports moments were all packaged up as NTFs and sold to the highest bidder.
For a while, they fetched huge, ridiculous sums. In March 2021, a bidding war drove the cost of buying Twitter founder Jack Dorsey's debut tweet to a staggering $2.9 million.
An NFT collection of cartoonish monkeys called Bored Ape Yacht Club went for up to $429,000 each, while a basketball fan paid $387,600 to secure ownership of a LeBron James slam dunk against the Houston Rockets, part of the NBA Top Shot Moment series.
Artists showed they had an eye for commerce, too. Famously, digital artist Michael Joseph Winkelmann, known professionally as Beeple, auctioned an NFT of his work Everydays: The First 5000 Days at Christie's. Originally priced at $100 it went for $69.3 million.
Whatever your view of Beeple’s art abilities, few can dispute his financial acumen. He was paid in Ethereum but instantly converted the lot into US dollars.
Celebrities got swept up in the trend including Snoop Dogg, Paris Hilton, Lindsay Lohan and Justin Bieber. Madonna, naturally.
This level of insanity was only going to end one way.
Last year, as inflation surged and war in Ukraine raged, the Bitcoin price crashed by three quarters to $16,600 and took NFTs down with it. Monthly trading volume plummeted by 81 per cent between January 2022 and July 2023, DappRadar data shows.
It is not known how much the Everydays NFT would auction for today, but here is a clue.
Last year, Sina Estavi, chief executive of Bridge Oracle and the purchaser of Mr Dorsey's tweet, tried to resell what he once called the “Mona Lisa of the digital world”. He called off the auction with bidding at $14,000.
At least his money went to a good cause, as Mr Dorsey had donated Mr Estavi’s £2.9 million to charity Africa Response.
As with every bubble, real money is lost.
While cryptocurrencies have stabilised in 2023, NFTs are still struggling, says Vijay Valecha, chief investment officer at Century Financial, who, no doubt, speaks for many – if not the majority – when he says “the drastic fall in NFT prices confirms that they are nothing more than a passing fad with an uncertain future”.
When assets are bought primarily for speculative purposes rather than their intrinsic value, the bubble will always burst.
“It didn’t help that the NFT market was quickly saturated with low-quality, trivial assets,” he says.
The digital world changes rapidly and an “overhyped niche concept” such as NFTs is particularly vulnerable, Mr Valecha adds.
“Concerns about the environmental impact of blockchain technology, which underlies NFTs, also cast a shadow and the pain may not be over yet.”
Fears of a regulatory clampdown are not helping, with the US Securities and Exchange Commission now looking at the sector.
The early excitement over NFTs in Silicon Valley was similar to the gold rush, says Leo Smigel, founder of Analyzing Alpha, an algorithmic trading specialist. “Everyone wanted in, but not many knew what they were getting into.”
What the sector lacked was a solid use case for the average consumer. “NFTs haven't found their killer app yet, but to say they'll vanish into oblivion is too simplistic.”
Mr Smigel says NFTs have opened doors to applications we have yet to even think of in collectibles or decentralised finance, for example.
“Now, they need to prove their worth, like a rookie athlete who had a stellar first season but has to deal with a sophomore slump.”
NFTs are down but far from out, says Hadley Chilton, partner in financial restructuring and asset management specialist Cork Gully.
A number of large brands have a practical use for NFTs and smart contracts, where proving something is important.
“They can use them to enhance their loyalty schemes, improve supply chain data, ESG [environment, social and governance] reporting and audit, or to democratise certain asset classes such as high-value real estate. These offer much better prospects than owning a digital receipt for a trending cartoon picture,” Mr Chilton says.
Watch: Boy, 12, makes $500,000 creating and selling NFTs online
Chris Trew, chief executive of blockchain development platform Stratis, sees opportunities in the video games industry.
“In traditional games, players collect items by achieving new levels or winning battles. Imagine if you retained ownership and could convert these digital assets into real-world monetary value,” he says.
Alternatively, gamers could, for example, transfer their NFTs to another game.
“A player might be rewarded for successful gameplay by earning a unique piece of armour or a weapon, which is only available to others if it is for sale. It could supercharge demand for certain games.”
NFTs could also help the ticketing industry combat risks such as fraud, loss and touting, and allow agencies and artists to earn a percentage where tickets are resold.
“Tickets can become collectables, while holders might gain access to exclusive content like swag, VIP access and loyalty programmes. We are already seeing interest from events organisers and venues,” Mr Trew says.
Tom Grogan, chief executive of emerging tech strategic consultancy MDRx, says the NFT sell-off was “just the market sorting and valuing NFTs according to their merits, which have irritatingly been low or non-existent to date”.
He says the crazy hype cycle is mercifully over but the technology is still standing. “We will see more nuanced, intelligent applications from gaming assets to industrial supply chains and ticketing, properly interrogated on a case-by-case basis.”
The NFT bubble has played out in the usual way, but as we saw after the dot-com meltdown at the start of the millennium, a crash is part of the process and the underlying concept may still have a bright future. After all, we are still using the internet.
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
RECORD%20BREAKER
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
RESULTS
6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).
7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.
7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.
8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.
8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.
9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.
10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE%20
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The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
More on Palestine-Israeli relations
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
UAE currency: the story behind the money in your pockets
SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
GOODBYE%20JULIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMohamed%20Kordofani%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESiran%20Riak%2C%20Eiman%20Yousif%2C%20Nazar%20Goma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
UAE currency: the story behind the money in your pockets
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
NATIONAL%20SELECTIONS
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Representing%20UAE%20overseas
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More from Neighbourhood Watch:
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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Bob%20Marley%3A%20One%20Love
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Reinaldo%20Marcus%20Green%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EKingsley%20Ben-Adir%2C%20Lashana%20Lynch%2C%20James%20Norton%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A02%2F5%3C%2Fp%3E%0A
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud
6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami
7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash
7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar
Thor%3A%20Love%20and%20Thunder%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Taika%20Waititi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Hemsworth%2C%20Natalie%20Portman%2C%20Christian%20Bale%2C%20Russell%20Crowe%2C%20Tessa%20Thompson%2C%20Taika%20Waititi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
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