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At the beginning of 2021, the non-fungible token (or NFT) was a bit of internet esoterica of little interest to most people in the art world—or anyone not involved in the world of cryptocurrency for that matter. Then, in March, Indian-born crypto investor Vignesh Sundaresan (aka MetaKovan) bought an NFT of a collage by digital artist Beeple for $69 million at a Christie’s auction, making it the first piece of purely-digital art sold by a major auction house.

Repeat text:At the beginning of 2021, the non-fungible token (or NFT) was a bit of internet esoterica of little interest to most people in the art world—or anyone not involved in the world of cryptocurrency for that matter. Then, in March, Indian-born crypto investor Vignesh Sundaresan (aka MetaKovan) bought an NFT of a collage by digital artist Beeple for $69 million at a Christie’s auction, making it the first piece of purely-digital art sold by a major auction house. Other high profile sales soon followed. The same month, 18 year-old Las Vegas artist FEWOCiOUS sold a piece for $550,000. A set of nine CryptoPunks NFTs by Larva Labs later sold for $17 million. Established contemporary artists soon got in on the action, with Damien Hirst dropping an NFT collection last September. With over $10 billion in sales over four years on just one platform (OpenSea), NFTs have become a rather buzzy buzz word. Collins Dictionary even picked it as their word of the year for 2021.

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