Most of us own portfolios of stocks and bonds. Adventurous investors are sprinkling in Bored Apes and CryptoPunks.
These cartoonish-sounding characters aren’t anything like traditional investments—they have no physical properties, don’t pay dividends or interest, and provide no claims about future cash flows. But they’re among the most popular nonfungible tokens, or NFTs, a type of digital collectible or digital asset. Prized NFTs now cost more than a new Ferrari—Bored Apes are going for at least $300,000 on trading platform OpenSea. A CryptoPunk recently sold for $11.75 million.