Illustration by Alex Castro / The Verge

Crypto critics have had a very good year. Much of what they predicted has come to pass: that high-profile projects would be revealed as Ponzi schemes; that security lapses would lead to massive thefts; and that average people would be left holding the bag. Bitcoin, which was trading around $67,000 in November, is at $21,570 today; plenty of other cryptocurrencies are much worse off.

As I noted here last month, though, on social networks it can feel like the crypto crash really never happened. Over the past few months, Facebook and Instagram added ways for users to showcase non-fungible tokens, and Spotify let artists use NFTs as their profile pictures.

The origin of that piece was the news that Reddit, the venerable social news…

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