NFTs are popular because some people think that they are the foundation of a new kind of economy—one that rewards artists who primarily disseminate their work online, such as digital artists, musicians and animators. Some artists make more from NFTs than they would from streaming services or galleries. Holders of NFTs can present them within the unfolding “metaverse”—persistent online worlds. Of course, that’s just one part of the puzzle. The other major reason for their success is that NFTs are a type of cryptocurrency, i.e. the same technology that has spawned a several trillion dollar market full of speculators in a little over a decade. Although NFTs are less liquid than, say, cash, their digital nature makes them more liquid than conventional forms of art, and traders think they make a great investment.