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 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.
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A typical plane ticket, on the other hand, is non-fungible. You can't give it to a random person waiting at the airport after you've decided not to jump on your plane.
So NFTs are unique collectible tokens that are permanently tied to, for instance, digital artworks and music. They cannot be separated; the token is the art.
This was soon topped by a 10-second animated video of what appears to be Donald Trump collapsed on the ground in an urban park. It sold for $US6 million.
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Mr Kell, who made his money as a cryptocurrency investor and lives in Denver, Colorado, where he drives a white Lamborghini, said the value of owning Homer Pepe is the "token under the picture that represents Homer Pepe".
For some, the "stupid money" being paid for NFTs is just the latest example of a speculative bubble that will soon pop. For others, it means artists get paid.
They point to a central fact of the internet: in a digital medium where objects can endlessly be cut-and-pasted, copied and reproduced, nobody bothers to pay for the original.
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For instance, music ripped from CDs and put online to download as mp3s is why musicians have been paid less for each song they release.
Foundation, a website for buying and selling digital goods and run by a company based in New York, contacted her last year about selling one of her works as an NFT at their launch.
This isn't a bad price, but what makes the process really interesting to Ms Attafuah is that she retains 10 per cent equity in the artwork.
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At the time of sale, no-one in her circle of artists knew about NFTs. Last month, a GIF sold on the same website for $US580, 000. Australian artists have since been rushing to get on the website.
"When I dropped my NFT, none of my artist friends understood it, but now all my artist friends are saying 'how do I get onto it?'
The music business is quickly taking notice of this, particularly as the lack of revenue from live music has forced a recalibration in the industry.
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"We're excited to push the boundaries of it — experimenting with the space, going beyond just audio and visuals. This feels like phase one."
Nathan McLay, Flume's manager and the founder of his label, Future Classic, said from initial conversations with NFT marketplaces, it seemed artists will get a cut of subsequent sale of the works, rather than just the initial one.
"The first drop from Flume and Jonathan Zawada has a 1- to 2-minute audio piece that goes along with a visual, so it's a new 'piece'.
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"There's lots of potential for that to grow out into how it integrates with a live show, or merch drop, or a giveaway to fans."
"The space has just accelerated so much that almost every artist out there is considering how they should be using NFTs and what they should do, " Sean Gardner, co-founder and CEO, told the .
A collaboration between deadmau5 and the LA-based Australian designer Sutu — a 30-second animation of a golden mouse head backed by music — sold in December for 78 Ethereum, or, at the time, about $US49, 000.
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At the moment, Mr Gardner said, the works being sold — generally very short 3D animations with music behind them — are just the beginning of what's possible.
"What this is going to evolve into is a way for artists to actually claw back a little of the super-fan-type revenue that they used to get from selling CDs directly to their closest fans, or selling limited-edition vinyl, " he said.
Melbourne electronic producer Jacob Steele, who performs under the name Tobacco Rat, has also collaborated with Sutu. The pair produced three NFTs.
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At the moment, Steele is concerned about the environmental consequences of the technology — like other cryptocurrencies, Ethereum must be generated or "mined" using a lot of computer power.
"You put a track on Bandcamp and sell it for $1, or you create this crazy artwork and sell it for like $5, 000."
The person who bought the deadmau5-Sutu collaboration, who declined to reveal their real name or location, told the he didn't know much about NFTs — or art — before a friend brought the work to his attention.
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He initially just got interested "for the flip" — to resell it at a higher price — and paid "an irresponsible amount of money … for reasons that are difficult for me to articulate to my wife".
But while he was initially drawn to the speculative nature of NFTs, he said he got "sucked in by the art" and the community that trading tokens can create.
But in a way not dissimilar to the philosophy behind the GameStop surge, he believes that to think of it in dollars is to obscure the deeper meaning and potential of NFTs.
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"These things, they are almost like the keys to relationships and networks that I am using at the moment and that I find a lot of value in."From Nyan cats to sex tapes and Beeple, nonfungible tokens are the latest craze taking over the art world – but are they worth the hype?
The buzz came slowly, and then all at once. First it was the Nyan Cat meme, which sold for $590, 000. Then it was Grimes selling her artworks. Another $6 million. Next thing you know, an artist called Beeple sells an animated gif of Trump’s naked corpse for $6.6 million, setting a new record for the most expensive piece of digital art ever. Christie’s launches a two-week sale of one of his works. It’s already broken the record again at an unprecedented $69 million. The third-highest auction price achieved for a living artist, after Jeff Koons and David Hockney.
We are, of course, talking about NFTs – nonfungible tokens – the latest craze taking over the art world, and our minds. From niche interest to global obsession, these digital collectibles use blockchain technology to give buyers ownership over a single object such as a digital artwork or photograph. At the time of writing this, Twitter founder Jack Dorsey is auctioning off the world’s first-ever tweet as an NFT and Azealia Banks has sold a sex tape with her artist boyfriend for $17, 000. Even Taco Bell is hopping on the hype by selling taco-themed GIFs on NFT marketplace Rarible – because why buy real tacos when you can stare at a simulation of one on your screen?
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Built on blockchain and bought using cryptocurrencies like Ethereum, these digital tokens are uniquely identifiable and all transactions, sales, and transfers related to this work are visible to the public. Whereas before, you could right-click and save a digital asset and technically claim it and use it as yours, the blockchain is proof that a NFT collector owns a piece. This allows for scarcity and clear ownership in the digital domain, which wasn’t possible before.
While this might seem utopian, some critics of NFTs claim it’s propagating the same old pitfalls of the art world and digital companies like Facebook and Instagram. NFTs present a decentralised marketplace independent of the art establishment, but a majority of people buying and selling NFTs are reliant on platforms, which takes significant cuts of money.
Websites like the now-defunct cryptoart.wtf have also drawn attention to the catastrophic impact of NFTs on the environment. According to artist Memo Atken, just one NFT is accountable for an astounding 211kg of CO2 emissions, equal to driving a car for over 600 miles.
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Below, we speak to four digital artists – Aaron Jablonski, Eva Papamargariti, Sucuk & Bratwurst, and Nicole Ruggiero – on the benefits and drawbacks of NFTs, and whether they live up to the hype.
“NFTs definitely give artists a certain sense of autonomy in terms of creating and distributing their work. There is a new kind of visibility arising for digital art, especially for some works that were very difficult to become part of a selling market such as those that use generative coding. Artists gain more control of their work which now seems that can finally be seen, it can also be tracked and of course it can be traded without the necessity or interference of an institution, museum, or gallery.
“There is no actual gatekeeping from any kind of older mechanism and establishment, the artist is flexible to choose how and when they can distribute their work. At this exact moment, NFT platforms feel like an open sea where possibilities seem endless. But, like in an open sea, many tricky situations can occur too.
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“The NFT world is fragmented. We become viewers and collectors of small extracts, images, animations, older works become visible again and get another chance of circulating themselves in
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