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Dollar Scholar Asks: Whatever Happened to NFTs?

By: Julia Glum
Julia Glum, expert in the IRS, taxes, credit scores, saving, colleges, mobile payment apps, and News Editor at Money
Julia Glum
News Editor | Joined February 2018
Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money.
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Published: Dec 13, 2023 6 min read

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This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at money.com/subscribe and join our community of 160,000+ Scholars.

Remember NFTs?

A few years ago, non-fungible tokens were an absolute phenomenon. It seemed like every celebrity had one: Gary Vaynerchuk invested $32.6 million into 59 CryptoPunks; Justin Bieber purchased a Bored Ape for $1.29 million. Mark Cuban created a digital art gallery specifically to display his NFTs, and Liam Payne started a separate Twitter account for NFT discussion. Even Dolly Parton got on board.

NFTs were inescapable — and then, all of a sudden, they weren’t. According to a September report from crypto gambling platform dappGambl, 95% of NFTs are now worthless.

Record scratch.