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NFT art craze: Why people are spending fortunes
Visitors inspect digital artwork on display during the opening weekend of the Seattle NFT Museum in Seattle, Washington on January 29, 2022. Using the blockchain technology behind cryptocurrencies, non-fungible tokens (NFTs) transform anything from illustrations to memes into virtual collectors' items that cannot be duplicated. PHOTO | JASON REDMOND | AFP
Thousands of artists beaver away every day creating images to sell as digital tokens (NFTs) in online exchanges. The market is booming, the most popular pieces can sell for millions, but outsiders may wonder why anyone would pay anything at all.
No physical pieces of art exchange hands in these transactions. Buyers use cryptocurrencies and receive their NFTs -- a unique piece of computer code related to the artwork that is stored on a blockchain, a kind of digital ledger that cannot be changed.
