Paris Hilton and Lil Wayne have already bought them.
Investors are now buying up exclusive rights to simple strings of emojis, for some reason. The consecutive row of cartoonized images are now being referred to as "Yats" among early adopters, The Wall Street Journal reports — definitive evidence that we're nowhere near hitting peak NFT yet. Or, uh, yat.
"If your yat is Fire-Dragon, that says so much about someone," Yat Labs co-founder Naveen Jain told the newspaper. "Versus your username being Naveen512. That tells you my area code."
In other words, strings of emojis are the latest and greatest in NFTs — if you really want to go down that road.
Yats go for anywhere from pocket change to thousands of dollars. Jain, of course, has already gotten rich off of the trend, cashing in some $20 million from selling almost 160,000 Yats since last February, the Journal reports.
Needless to say, high-profile celebrities are already jumping on the trend, including the likes of Paris Hilton and Lil Wayne.
To investors, it's yet another way to establish an online identity — and, well, spend lots and lots of money.
"This is all a fiction constructed in our heads, but all property is a fiction constructed in our heads," investor Michael Arrington, who invested in Yat Labs, told the WSJ.
But not everybody is impressed by Yats.
"I could say this NFT represents a string of initials, or this NFT represents my butt. It would be exactly as meaningful as turning a Yat into an NFT," David Gerard, author of the book "Attack of the 50 Foot Blockchain," told the newspaper.
READ MORE: When You Marry NFTs and Emojis, You Get a Yat [The Wall Street Journal]
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