Reuters offered an insightful look at a new type of digital asset - known as a non-fungible token (NFT) -which has exploded in popularity during the pandemic, as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online. Blockchain technology allows the items to be publicly authenticated as one of a kind, unlike traditional online objects which can be endlessly reproduced. Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet.

The post Reuters offers an insightful look at how a 10-second video clip sold for $6.6 million appeared first on Reuters News Agency.