The non-fungible token market exploded in 2021, but by late 2022 prices had collapsed. This column uses blockchain records for two major non-fungible token platforms to reveal what investors in the tokens actually earned. A disposition effect – the tendency for investors to hold onto losers and sell winners – inflated apparent returns and also delayed the apparent timing of the crash by seven months. Even after taking this disposition effect into account, the non-fungible token price rise was