Varney: The whole NFT market worries me

fox business’ stuart varney, during his last “My Take” in “Varney and company”. On Friday, he stressed that the NFT market “concerns” him and argued that he does not understand why people would pay “large amounts of money to acquire a token.”

ICE CUBE BRINGS NFTS TO BIG3 WITH HISTORIC CRYPTOCURRENCY TRANSACTION

STUART VARNEY: I admit, I don’t follow the NFT market closely. Non-fungible tokens, NFTs, are a mystery to me. I just don’t understand why people would pay huge amounts of money to acquire a token. But people do, and we frequently report on this exotic market.

So here’s the latest in the “Bored Ape” NFT sale. Bear with me, please. I’m talking about digital art. Developed, for some reason, around images of apes. IT’S OKAY.

Last weekend, Ape NFT went on sale, online of course.

The demand was so strong that the system hosting the sale couldn’t handle it. Some sales were made, others were not. Some people paid a higher transaction fee than they paid for the NFT. By the way, buyers paid a staggering $180 million in transaction fees! And the people who arranged the sale, Yuga Labs, walked away with $320 million.

FOX Business’ Stuart Varney calls NFTs a “mystery.”

Full disclosure: I do not follow this market. I am using information collected by Farhad Manjoo. It’s in his New York Times op-ed today titled “What’s Happening to People Falling in Love with Crypto and NFTs.”

He’s not a fan, and neither am I.

In fact, the entire NFT market worries me. How much longer will people pay billions for a token?

I don’t know, but a massive loss of wealth in NFTs, if that were to happen, the ripple effect throughout the financial system would not be pretty.

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