Digital art: What are Non-fungible tokens(NFT), why are they worth millions?

Artistes, musicians and art collectors are minting millions with non-fungible token (NFT) art. What are these Non-fungible tokens and why are they worth millions of dollars? Is it just a fad or is the future of the art world? ET’s Anandi Chandrashekhar explains. Watch




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[heatherstevens-messer]

Selling a tweet?? I really don't understand...why? I can take a screen shot of any of these things, why would someone pay that much for something digital??

[ashishbanerjee]

Quite simply, an NFT is a crypto coin with a face and an identity, like a commemorative coin, bank note or a postage stamp. Not all have sky high valuations and you need about 100 USD in crypto to make one! Further, are NFTs destroyed or lose value if the art work that is the basis of an NFT is destroyed? Is the uniqueness of the NFT that's relevant? An art work could be destroyed and recreated (artists regularly recreate) to create another NFT. Decentralization is no guarantee of honesty.

[refinedphenomena]

Is that what they call money laundering these days ?

[armiks]

I cringed so hard, I think I need to see a doctor now.