AUSTIN, Texas—The foam was lit. Backlit.
The return of South by Southwest this year has been a mostly muted affair. The only major queue—wrapped around the block most days—has been to get into a warehouse decked out with fluorescent track lighting to celebrate “Doodles,” a collection of NFTs. Inside, there was another long line, for cappuccino art in the shape (a term to be used quite loosely) of a Doodle.
Is it even fun anymore to make fun of NFTs? “I think NFTs are generally cringe,” said Doodles co-founder Evan Keast, sporting a Doodles T-shirt inside the Doodles exhibition, while the smell of Doodles noodles wafted around.
Mr. Keast has made oodles from Doodles. A representative said some $300 million of the NFTs have changed hands—and the creators nab a 2.5% cut of each transaction. At South by Southwest, the company hosted a not-so-secret party headlined by the D.J. Diplo. To score an invite, attendees needed to purchase a Doodle for around $25,000.
Nope, definitely no froth in this market.
Write to Rob Copeland at rob.copeland@wsj.com
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