What is NFT? How are Beeple and Grimes, Elon Musk making money with it?

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Grimes, Beeple, Logan Paul, the creator of Nyan Cat, and many other artists and celebrities are making huge amounts of money selling the ownership of digital images.

Grimes sold 10 images of digital artwork, the most expensive for nearly $400,000, to someone who wanted ownership of the online goods.

These artworks are called NFTs, or “non-fungible tokens”, and they exist on a similar blockchain technology to bitcoin as a way to prove “ownership” of them.

On an internet built on spreading images for free over social media platforms, the idea of tying ownership to a specific, single image that one did not create is peculiar- but it is not new.

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