No bids on Chevy’s first NFT, even though it came with a free Corvette Z06

I would argue that in the current crypto market, this assumption couldn’t be further from reality. An oversimplified view of token valuation is that the price of a token = actual value + noise.

And, of course, for a cryptocurrency like Bitcoin to replace the dollar, you’d need to convince billions of people to use a currency whose value fluctuates wildly, that isn’t backed by a government and that often can’t be retrieved if it’s stolen.

This is all happening despite the fact that it’s still fairly clunky and expensive to engage with NFTs on Ethereum. Minting a single NFT costs roughly $100 in ETH, and buying and trading incurs high transaction fees.