LONDON – A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million.
That transaction made global headlines and buoyed already-mushrooming interest in these kinds of digital objects — known as non-fungible tokens, or NFTs — that have captured the attention of artists and collectors alike.
A NON-WHAT TOKEN? In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely.
A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car. Cross this notion with cryptocurrency technology known as the blockchain and