What is a non-fungible token (NFT)?

Non-fungible tokens (NFTs) are digital tokens that enable true ownership over any digital asset - song, artwork or a moment in sports. You can’t touch it, but you can own it.

A digital image by the cutting-edge artist Beeple sold for a whopping US$69.4 million at auction, in a record-setting sale for a piece of art that does not exist in the physical world.

Christie’s auction house sold the art piece on March 11 after a two-week online auction involving more than 180 bids. The final auction price tag is the third-highest ever for a living artist, and the most anyone has ever paid for a non-fungible token, or NFT. This was the first time that Christie’s has ever offered a digital-only piece of art with an NFT to guarantee its authenticity.

Anne Gaviola explains the details of NFTs.

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