What’s an NFT?

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According to the Washington Post,  a digital collage of hundreds of weird, brightly colored images made by a South Carolina artist known as Beeple sold at the prestigious Christie’s auction for $69.3 million. 

Questions:

  1. How does this rank among the highest paid art pieces at auction?
  2. What is the collage called?
  3. What is an NFT?
  4. What is the interest in NFT’s due to?
  5. Would you invest in this type of collectible?
  6. Do you think this is a speculative craze?

Source:

Denham, H., et. al (2021) What is an NFT, and how did an artist called Beeple sell one for $69 million at Christie’s? The Washington Post, March 12 (Retrievable online at https://www.washingtonpost.com/technology/2021/03/12/nft-beeple-christies-blockchain/)