Traditional works of art such as paintings are valuable precisely because they are one of a kind. In contrast, digital files can be easily and endlessly duplicated. However, NFTs introduce something new altogether: namely that artwork can be ‘tokenised’ to create a digital certificate of ownership that can be bought and sold.
“Certainly, the high prices of some NFTs have been a bit of a head-scratcher for some. I believe it is somewhat due to the pandemic-fuelled crypto investor revolution, and for now they’re just the ‘the thing’.