Within just two years, the world had seen the value and trading volume of non-fungible tokens (NFTs) rising rapidly, before tumbling almost just as quickly. Among the notable developments at the early stages of the bull run was when Christie’s auction house in March 2021 sold an NFT of a digital collage by artist Beeple for US$69.3 million (S$92.9 million) worth of cryptocurrency - the highest price for an NFT at that time - to a Singapore-based investor. Barely months later in September, a team of Singaporeans which included then third-year Nanyang Technological University (NTU) student Marc Yap, made headlines for selling all 3,876 units of their NFT digital trading cards, dubbed the Dark Zodiac collection, in an hour. While these digital cards fetched a lower price of about S$1.4 million in cryptocurrency, which was split among the project partners, it still surprised Mr Yap, who was experimenting with NFTs for his first time.