At best, they were a money laundering/ponzi scheme. The value cratered, and now we don’t hear about them anymore.

The blockchain (think notepad, with non erasable sharpie) had an entry that would link that item to you. You could sell it to someone by writing their name below yours. It didnt tangibly transfer anything though, and the items were all very easy to duplicate, so ownership meant nothing.

We have, most toasters let you lift the lever higher to get it out.