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Matt Levine’s Money Stuff: Fungible Slices of Non-Fungible Token

Sept. 10, 2021, 4:37 PM

Which 20% of a picture of a dog?

We talked yesterday about some people who bought an online pointer to a digital picture of a dog (a non-fungible token, or NFT) for $4 million and, a few months later, “fractionalized” it into 16,969,696,969 tokens and sold 20% of them for $45 million, giving the picture of a dog a total market value of about $225 million. (It doubled the next day, though it later came down a bit.) I do feel like, when I started in the financial industry in 2007, this would have been easily the craziest and most important financial story of ...