NFTS.com Wants To Sell Domain Name For $31 Million

The owners of the website NFTS.com are offering to sell the domain — apparently for $31 million.

What Happened: The news comes from Alexandre Dreyfus, the founder and CEO of Chiliz blockchain, who said on Twitter that the owners of the website had offered to sell him the domain.

The domain still appears to be for sale, a week after Dreyfus' tweet, as the site itself says it is "accepting offers."

Why It Matters: Non-fungible tokens, or NFTs, have gathered steam over the past few weeks, with some digital collectibles and artwork selling for millions of dollars.

A user has offered over $1 million to buy one of Elon Musk’s tweets about an NFT song, and earlier this month, the artist known as Beeple sold an NFT of his digital artwork for a record $69 million.

Despite the fact that Google searches for NFTs have skyrocketed lately, many long-term crypto proponents have remained skeptical of the craze around the new asset class.

Robert Leshner, the founder of decentralized finance (DeFi) protocol Compound Finance, asked his Twitter followers if they were aware that NFTs were a bubble and what their “exit strategy” was.

“I see it more of the same of any asset class with market cycles,” commented one trader, adding that in his opinion, “There will be a bear market for NFTs followed by another NFT crazed bull market afterward.”