In February, a gif of a cat with a Pop-Tart body sold for $600,000. On March 1, musical artist Grimes sold several videos for $6 million. And, on March 11, a single jpeg file sold for $69 million, becoming the third most expensive artwork sold by a living artist.Despite their substantial price tags, none of these works exist in the physical realm. They are purely digital, examples of what’s known as cryptoart or Non-Fungible Tokens (NFTs).NFTs have exploded in popularity recently, with sales increasing by 1700% between December 2020 and February 2021. Frothy press coverage touts the riches artists stand to gain. Basic statistics seem to bear this story out—even aside from these headline-garn
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