The Wall Street Journal

‘Tokens’ review: cash, card or ape?

‘Tokens’ review: cash, card or ape?
(Image: Supplied)
The Wall Street Journal
By Steven PooleIn 2019, the now-convicted Sam Bankman-Fried issued a new “token,” called FTT, linked to his FTX cryptocurrency exchange. Initially sold to the public at US$1 (NZ$1.63), FTT peaked above US$75 before almost all its value was wiped out shortly before the firm’s bankruptcy last year. But what was this token, conjured out of thin air and disappearing back into it? Was it ever a security or money?Commodities And what about nonfungible tokens (NFTs) such as Bored Apes, those blockchain-linked digital images...

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