The technology is behind a piece of digital art auctioned for US$69.3 million on Thursday and the sale of Jack Dorsey's first tweet—so-called NFTs have set off a revolution in collectables.
What is an NFT, and why are they causing such a stir? Here are five things to know about the digital tokens.
1. What is an NFT?
A non-fungible token (NFT) is a digital object that can be a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. This authentication by a network of computers is considered inviolable.
The virtual object, which is actually a computer file, can be exchanged or sold with its certificate.