A $200,000 Pet-Rock NFT Shows How Crypto Is Relapsing Into FOMO

Earlier this month, an image of a pet rock sold for the equivalent of more than $200,000 in the non-fungible token market.

Meanwhile, the market capitalization of a cryptocurrency called Pepe — a meme coin based on a cartoon frog — doubled in just a few weeks. And even the price of the FTT token, which was created by the FTX exchange and currently has no real utility, has tripled in the past month on hopes that Sam Bankman-Fried’s exchange will return from the dead.

Everywhere you look, there are signs that the wacky excesses of the crypto market — ...