Sales of non-fungible tokens has exploded in the last year, from $74 million at the beginning of 2021 to over $41 billion today.NFT speculation is concentrated in a few collections, meaning a set of NFTs produced by the same creators that are alike.NFT markets are prone to scams such as counterfeits, pump-and-dumps, wash sales, and stealing.The evidence indicates that for atypical investors, NFTs are a losing investment proposition.Rather than investing in NFTs, I recommend investing in companies doing business within the NFT ecosystem, particularly Coinbase.
