Speculators shivering in the bitter crypto winter are receiving a multi-million dollar lifeline from a new NFT trading craze where names are bought and sold for eye-popping sums.New NFTs (non-fungible tokens) like beer.eth and coin.crypto, which sold for $39,000 and $100,000 respectively, are examples of “domain” names that owners can use in place of the 16 random characters that make up their digital wallet addresses.
Although the cost of the cryptocurrency equivalent of a personalised licence plate may seem high, proponents believe that if Web3, the much-anticipated vision of the next-generation internet based on blockchain, becomes a reality, these names will become valuable real estate.
