This is one of those cases where you may have never heard of the company but you know the product.

Yuga Labs, the company behind both the Bored Ape Yacht Club (BAYC) and CryptoPunks, is apparently in trouble.

Several rounds of lay-offs confirm that, and the current state of the NFT market also confirms that.

The problem is, since the 2021-2022 bull run, and after the 2022-2030 crash, crypto recovered, NFTs didn't.

As it turns out, extremely expensive blockchain-verified images and animations aren't particularly valuable to most people, who knew, right?

But predictable jokes aside, it seems NFTs are not coming back. For now.

It may be a weird comparison, but I see similarities between this and the Apple Visio Pro.

Because, in both cases, it wasn't the high price that created the problem, it was the inevitable question: "What the heck am I supposed to use this for?"

That's the point with NFTs. There are good use cases, tokenised and verified shares of royalties coming from music, for example, but expensive JPEGs? What's the point?

The main image for this article was generated using perplexity.ai