Entertainment
NFTs explained: what they are, why rock stars are using them, and why they’re selling for millions of dollars – The Conversation AU
The digital tokens are a way to create scarcity and an aura of authenticity in an online world of infinite copying, pasting and remixing.
A couple of days ago, the musician Grimes sold some animations she made with her brother Mac on a website called Nifty Gateway. Some were one-offs, while others were limited editions of a few hundred and all were snapped up in about 20 minutes, with total takings of more than US$6 million.
Despite the steep price tag, anybody can watch or (with a simple right-click) save a copy of the videos, which show a cherub ascending over Mars, Earth, and imaginary landscapes. Rather than a copy of the files…
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