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Asharq Al-Awsat
Asharq Al-Awsat
Technology
Asharq Al-Awsat

'Enormously Risky': How NFTs Lost their Luster

NFT Gwyneth Paltrow Paris Hilton Serena Williams Jack Dorsey Molly White OpenSea Crypto CryptoSlam Looksrare
Enthusiasts promote NFTs as a user-friendly entry into the crypto space Justin TALLIS AFP/File

A slew of celebrity endorsements helped inflate a multi-billion dollar bubble around digital tokens over the past year, but cryptocurrencies are crashing and some fear NFTs could be next.

NFTs are tokens linked to digital images, "collectable" items, avatars in games or property and objects in the burgeoning virtual world of the metaverse.

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