I wrote a little while ago about the new thing called NFTs and my bafflement that anyone would buy one. But we are seeing them being hyped by celebrities and to my mind, it has all the hallmarks of a bubble, where something of little or no intrinsic value is talked up by famous people as a great new investment. Luke Savage points to a segment in which Paris Hilton and talk show host Jimmy Fallon give what seems like an informercial for NFTs, both having bought two slightly different versions of the same NFT featuring (I kid you not) a cartoon ape wearing dark glasses and a yachting cap.
Celebrities and social media influencers can’t shut up about them. From Serena Williams and Logan Paul to Matt Damon and William Shatner, the NFT craze quickly transcended generations and swept up an eclectic cavalcade of the rich and famous in its wake. (Jimmy Fallon, incidentally, spent more than $200,000 on the Bored Ape NFT that now graces his Twitter profile.) Beeple, name-dropped by Paris Hilton in her Fallon segment, fetched more than $3.5 million in an NFT auction.

