A game developer surprised attendees of an event sponsored by blockchain firms by criticising NFTs.

NFTs (Non-Fungible Tokens) have become one of the blockchain industry’s darling use cases. The technology is primarily associated with art projects; with purchasers able to prove their ownership thanks to immutable records on blockchains.

Arguably, the most infamous NFT project is Bored Ape Yacht Club—which even recently featured in a music video by Eminem and Snoop...