The latest trend to hit the art world, non-fungible tokens (NFT) certified art objects are digital objects such as a painting, animation, a piece of music, a photograph, or a video with a certificate of authenticity created by the artist use blockchain technology.
It is such a rage worldwide that even normally cautious auction houses such as Christie’s have latched on to it. In March 2021, Christie’s sold a digital artwork by artist Beeple for $69.3 million. Sotheby’s held its first sale of NFT-certified works by digital artist Pak over three days, from April 12-14. Since then, it has sold CryptoPunk #7523, one of a collection 10,000 pixel-art characters created by Larva Labs, for nearly $11.8 million.
The NFT boom is said to have been fuelled by early investors in cryptocurrencies who eventually became millionaires.