In 2020, “fungible” became one of the most searched-for words on GoogleGOOG +1.5%, and by 2021, Collins Dictionary made “NFTNFT 0.0%” its word of the year. That same year, Non-Fungible Tokens (NFTs for short) were truly all the rage, with over $40 billion spent on digital assets and artwork on Ethereum alone. After the boom came the bust. 2022 saw NFT values all but wiped out. Just ask Justin Bieber, whose $1.3m (500 ETH) Bored Ape NFT is now valued at less than $60k, in one of the most well-publicized examples. Blockchain data providers suggest that the NFT crash saw the whole NFT market volume drop by 97%, contributing to an overall crypto crash that wiped around $2tn in value off the industry. When I look back at everything, it’s pretty clear what happened. Hype pushed up the prices, and the “Greater Fool” theory prevailed (there’s always a greater fool to pay more for an overpriced asset - until there isn’t).