Welcome to the world of NFT. Here’s how it is turning the world of art and collectibles on its head

Mackella Sawyer looks at conceptual art in the Utah Museum of Fine Arts in Salt Lake City on Wednesday, May 5, 2021. The pieces on the wall behind her are “Series III, Spectrum Squared, Variation C and L” by Anna Campbell Bliss. | Kristin Murphy, Deseret News

New crypto technology may also be used to build trust in elections, public spending, Utah professor says

It’s hard to fathom why, and how, 15-second clips of NBA stars throwing down slam-dunks or artworks that exist only in the digital ether are generating hundreds of millions in sales in newly emerging markets that are close cousins to Bitcoin and other cryptocurrencies.

Especially when you learn that most of that same content remains widely available to anyone else who wants to view or copy it even as “ownership” is transferred to a person and certified by a unique digital identifier known as a nonfungible token.

Welcome to the world of NFT.

An enormous amount of money is being generated by NFTs, and a slew of mega-sales in just the past few months are driving headlines and investor interest alike.