News Digest

NFTs: Why people spend millions on JPEGs

What would it take to convince you that the image above is worth over $9 million?
What you're looking at is an NFT, one of the first ever created. It's part of the CryptoPunks collection, a set of 10,000 NFTs released in 2017, a time when much of the world was still finding out what bitcoin is.
Most likely you've already rolled your eyes, either at the $9 million figure or at the very idea of NFTs themselves. The response to non fungible tokens hasn't changed much since March when they first started exploding. The public at large has reflexively dismissed them as environmentally harmful scams. The bigger the sale, the more brazen the injustice.

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