NFT craze: Why are non-fungible tokens all the rage?

Explaining the popularity of digital art with ownership recorded on blockchain and purchased in cryptocurrency.

Some of the froth may have come off this year’s cryptocurrency rally, but crypto FOMO is finding new footing in a phenomenon that has left many scratching their heads in disbelief. Crypto investors are spending tens of millions of dollars on digital art that only exists in the ether. From humble beginnings as a fringe hobby, the use of non-fungible tokens (NFTs) has become mainstream — as seen in the acquisition of an image collage by digital artist Beeple for $69.3m.