On 4 September 2018, someone known only as Rabono bought an angry cartoon cat named Dragon for 600 ether—an amount of Ethereum cryptocurrency worth about US $170,000 at the time, or $745,000 at the cryptocurrency’s value in July 2022.
It was by far the highest transaction yet for a nonfungible token (NFT), the then-new concept of a unique digital asset. And it was a headline-grabbing opportunity for CryptoKitties, the world’s first blockchain gaming hit. But the sky-high transaction obscured a more difficult truth: CryptoKitties was dying, and it had been for some time.
Dragon was never resold—a strange fate for one of the most historically relevant NFTs ever. Newer NFTs such as “The Merge,” a piece of digital art that sold for the equivalent of $92 million, left Dragon behind as the NFT market surged to record sales, totaling roughly $18 billion in 2021. Has the world simply moved on to newer blockchain projects? Or is this the fate that awaits all NFTs?
Blockchains, smart...
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