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What are NFTs, and why are people paying millions of dollars for them?


A couple of days ago, the musician Grimes sold some animations she made with her brother Mac on a website called Nifty Gateway. Some were one-offs, while others were limited editions of a few hundred – and all were snapped up in about 20 minutes, with total takings of more than US$6 million. Despite the steep price tag, anybody can watch or (with a simple right-click) save a copy of the videos, which show a cherub ascending over Mars, Earth, and imaginary landscapes. Rather than a copy of the files themselves, the eager buyers received a special kind of tradable…

This story continues at The Next Web

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