EXPLAINER: What’s this craze for ‘NFTs’ all about, anyway?
LONDON -- A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $ 70 million. That transaction made global headlines and buoyed already-mushrooming interest in these kinds of digital objects — known as non-fungible tokens, or NFTs — that have captured the attention of artists and collectors alike.A NON-WHAT TOKEN?In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car.Cross this notion with cryptocurrency technology known as the blockchain and you get NFTs. These are effectively digital certific...