It has been easy to dismiss the utility of blockchain technology. Ownership is recorded on a digital ledger called a blockchain and transferred using that blockchain’s cryptocurrency. They can be bought with cryptocurrency or conventional funds converted into crypto. These NFTs are pieces of code that represent an artwork - or a clip from a basketball game, or a tweet, or a photo of William Shatner. Interest in digital assets, which spread first from the over-thinkers (crypto-utopians thrilled by a complex solution to an unasked question) to the under-thinkers (herd-followers seeing a quick buck in a barely comprehended trade), appears to have finally reached the consensus-thinkers. These are big numbers from often conservative managers of other people’s money.
Of family office executives who attended a Citi forum connected to the report, half said they expected to increase allocations to crypto in the next year. The annual survey of family offices by Citi Private Bank, which landed in September, found 23 per cent now have crypto assets in their portfolio, and another 25 per cent are considering them. And now I own a non-fungible token, or NFT. Is this a moment of vindication for the pioneers who promoted digital currencies as an asset class and heralded a technological and financial revolution? Or is it a sign that the hype cycle is reaching its final, frenzied moments before the fever breaks? I wish I knew - because I am one of those sceptics. After watching the cryptocurrency craze from the sidelines for a decade, even hardened sceptics are plunging in and buying their first digital assets.
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