A work called Nyan Cat by Chris Torres sold for $590,000.
NFT stands for “non-fungible token.” It’s a digital work of art, like music, video clips, or a meme. People pay a lot of money to own the original code. Why? It is like owning an original art piece or a rare book. There are many copies of the Mona Lisa around the world, but there is only one original. It is the same with an NFT. The price for an NFT ranges from $3,000—for a new artist—to $2 million for a pixelated avatar from CryptoPunks. People use an online form of money called cryptocurrency to buy NFTs.