NFTs can be compared to autographed work
Nothing is stopping people from copying digital art. But the buyer of the NFT owns a "token" that proves they own the "original" work.
People are paying millions of dollars for tokens.
- On 19 February, an animated Gif of Nyan Cat sold for over $500,000.
- Weeks later, musician Grimes sold some of her digital art for over $6m.
- Twitter's founder promoted an NFT of the first-ever tweet. Bids are hitting $2.5m.
- Christie sold an NFT by digital artist Beeple for $69m.
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