FOX Business' Stuart Varney during his latest 'My Take' on 'Varney & Co.,' Friday stressed that the NFT market makes him “worried,” and argued that he doesn't “understand” why people would pay “vast amounts of money to acquire a token.”
I admit it, I don't follow the NFT market closely. Non-fungible tokens, NFTs, are a mystery to me. I just don't understand why people would pay vast amounts of money to acquire a token. But people do, and we frequently report on this exotic market.
So here's the latest on the "Bored Ape" NFT sale. Bear with me, please. I'm talking about digital art. Developed, for whatever reason, around pictures of apes. OK.Demand was so strong that the system hosting the sale couldn't handle it. Some sales went through, some did not. Some people paid a bigger transaction fee than what they paid for the NFT.
I don't know, but a massive loss of wealth in NFTs, if that happened, the ripple effects throughout the financial system would not be pretty.
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