What you need to know about NFTs
Unless you live in a cave, you’re almost certainly aware of a new internet phenomenon called non-fungible tokens (NFTs). The media hasn’t been able to get enough of this topic since a South Carolina artist sold a digital collage last March for the staggering sum of $69.3 million. Even more mind-boggling is the fact that the creation can be freely copied and posted by anyone.
Many people are getting rich off of NFTs right now. In December nearly 29,000 collectors banded together to pay $91.8 million for a single piece of digital artwork. It was the highest price ever paid for a work by a living artist in any medium. Last year The New York Times’ Kevin Rose sold a NFT of one of his columns for more than $1 million (the proceeds went to charity).