As the NFT Frenzy Fades, Brands Recalibrate Their Strategy

A $180,000 image of a Taco Bell taco, an $800 virtual Pringles can, a $265 piece of Charmin toilet paper. In summer 2021, as prices of major cryptocurrencies swelled to record highs, it seemed like branded nonfungible tokens (NFTs) were inescapable and regularly commanding head-scratching sums.

Crypto companies billed their digital ownership model as a basis for a new iteration of the internet.

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