After the Crypto Crash, NFT Collectors Are Digging in Their Heels

On a frigid New York evening late this past February, NFT fans gathered at Sotheby’s. Young collectors in hypebeast fits mingled as they plucked champagne flutes from silver platters, while others listened attentively to rapper Ja Rule as Seedphrase, a noted NFT collector, deejayed. Everyone took the opportunity to network before the main event, that is, the auction house’s first-ever evening sale devoted to NFTs: a bundle of 104 CryptoPunks estimated to sell for $20 million to $30 m