Good morning from New York City, which is basking in early summer weather as crypto enthusiasts attend NFT.NYC—an annual conference and shindig that revolves around non-fungible tokens. The vibe is more subdued than last year's get-together when the price of most NFTs was 90% higher than today, and when it was easy to find people eager to spend hundreds or thousands of dollars for pixelated monkeys.
Despite the downturn, NFT devotees told me they remain convinced that non-fungible tokens will transform everything: culture, collectibles, and more. As usual, I found many of their arguments persuasive—in theory at least. But I do find myself wondering why, if NFTs are so transformative, they have failed to gain traction outside of a niche sub-section of the crypto world.
