NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators

Published

5 years ago

March 6, 2021

Paul “Lamborghini” Kell made the news in 2018 when he paid $US38,000 for a digital artwork that anyone could already view or download.

This week, he sold the same artwork — a depiction of Homer Simpson combined with internet meme Pepe the Frog — for $US320,000.

The ‘Homer Pepe’ Peter Kell sold for US$320,000.(

Supplied: Peter Kell

)

It’s an example of the surging demand for digital artworks called NFTs, which are selling for thousands, even millions of dollars.

But why would anyone pay for online artwork they can already get for free?

The answer goes to the heart of this emerging digital economy, and opens up new avenues for artists to (finally) make more money for their work.

But first: what even are NFTs?

NFT stands for non-fungible…

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