The ‘Unreal Economy’ is Thriving

The market for cryptocurrencies, digital flowers and virtual real estate is booming.

£57,000 for a virtual flower. £71,000 for a digital basketball card. £1m for real estate in a video game. It’s not just bitcoin. People are investing thousands in a whole range of digital assets with even more dubious value.

From tweets to digital artworks, exclusive ownership of online content is now being sold through the same blockchain technology that underpins cryptocurrencies. Collectively referred to within crypto communities as non-fungible tokens, these pixelated assets are drawing record demand just as the price of bitcoin soars to new highs. The most successful NFT traders are apparently making profits of almost $500,000 (£355,293) in a single year, with some individual portfolios now worth in excess of $1m.

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