
Social media is plastered with a meme of Nyan Cat, a video of a flying Pop-Tart cat propelled by a rainbow. Originally uploaded to YouTube in 2011, a version of the Nyan Cat video was recently sold as a nonfungible token, or “NFT” for short, for nearly $600,000. The value of some nonfungible tokens reaches millions of dollars. For example, “Everydays — The First 5000 Days,” a digital work of art by the digital artist Beeple, sold for $69 million at a recent Christie’s auction. Then CryptoPunks, an early nonfungible token project, sold for $16.9 million. You may ask: What is a nonfungible token? This […]