Introduction: The Crash Was Never the StoryIn March 2021, Beeple’s Everydays sold for $69 million at a Christie’s auction. To many, it was the starting gun for the NFT boom. Within months, profile picture (PFP) projects were everywhere, marketplaces like OpenSea exploded in volume, and a wave of artists, collectors, speculators, and brands rushed into the space. By 2023, it was over. Trading volumes collapsed. Floors fell. Twitter timelines went quiet. The world looked on and said what it alw...