Bored Ape Yacht Club NFTs aren’t worth what they once were
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The world went ape for digital drawings of primates in 2022. In 2023, we got bored.
Non-fungible tokens, or NFTs, were touted as a revolutionary technology that would upend the concept of ownership – and, more broadly, the global economy. These digital identifiers of ownership are stored on the blockchain, the same technology that underpins cryptocurrencies like bitcoin, but for most people the phrase calls to mind strange images sold at high prices.
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