As the current crypto boom has progressed, it seemed
Decentralized Finance (DeFi) had cemented its position as the
dominant new narrative of this cycle. This view is supported by the
tens of billions of dollars that have flowed into DeFi protocols
over the past twelve months. Yet, amid renewed public interest,
non-fungible tokens (NFTs) show signs that they should not be
overlooked in discussions regarding the hottest new developments in
the crypto space. As with any fast-moving market driven by
explosive consumer interest and waves of money, regulators will
likely take an interest and scrutinize market practices against
existing regulations.
Background
NFTs entered public awareness during the crypto boom of 2017-18
and have recently experienced a resurgence, eclipsing the
popularity they achieved in the previous market cycle. As widely
reported, some recent issues of NFTs have sold out in seconds and
can command seven or eight-figure purchase prices per unit.
