High fees and pricey cowboy boots: Why crypto spending isn’t about to go mainstream – CNN

High fees and pricey cowboy boots: Why crypto spending isn’t about to go mainstream – CNN

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We’d spent lots of time discussing the various signs of market mania that had cropped up in the past year — including the rush into NFTs, the digital tokens feeding a boom in virtual art. My goals were simple: To spend far less than the $69 million ponied up for the first NFT artwork to sell at a major auction, and to get a chuckle out of my dad.
In the end, buying him an image of a blue cartoon cat did not cost millions. But it was far more expensive than I expected. Why? Fees. Fees to buy the cryptocurrency ether, to transfer it to my crypto wallet, and to execute a purchase, which included an eye-popping mining charge due to congestion on the network.
NFTs are suddenly everywhere, but they have some big problems
For my father’s sake, I’ll stay mum about how much I ultimately spent. I will say, given that the fees cost more than the NFT itself, it was more than I’d typically recommend shelling out for a quick laugh.