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Paradox of NFTs: What are people actually paying for?


Monash Lens
In March, an NFT attached to digital artwork by a graphic artist known as Beeple (aka Mike Winkelmann) was sold at auction for US$69.3 million. It became the 100th-most-expensive work of art ever to be officially traded, and is in the top three of auction prices for a living artist.
Jon McCormack
What is an NFT?
NFT stands for non-fungible token.
“They’re colloquially known as ‘Nifties’,” says artist and researcher Jon McCormack. NFTs are traded using blockchain technology – the same technology that supports cryptocurrencies such as Bitcoin.
But where currencies are “fungible” – that is, mutually interchangeable, so that one Bitcoin has the same value as another – an NFT has value because it’s (supposedly) unique. ....

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