Why is NFT art valuable? Understand why they are worth millions

Crypto art is a relatively new market that revolves around digital artworks registered and traded on blockchains as non-fungible tokens (NFTs). Each digital artwork in the form of NFTs is unique and has its own value. But, it is not just about artists and art, it is all digital. The emerging technology was popularized around 2017 with CryptoPunks – digital collectibles, and CryptoKitties – crypto game that allows you to buy and sell digital cats as NFTs. Today, the NFT craze reaches new heights with sales of tweets, digital trading cards, memes, and videos.  In February, a GIF showing a rainbow cat famous in the internet sphere called “Nyan Cat” was sold for 300 Ethereum, or about $580,000. Around the same time, a clip of basketball player LeBron James performing a spectacular act was bought through the NFT platform “NBA Top Shot” for the equivalent of US $208,000. On March 11, the famous auction house Christie’s sold a digital collage of images called “Everydays: The First 5,000 Days” for $69.3 million. This sale made Mike Winkelmann, also known as Beeple, as the third most expensive living artist in history, second only to David Hockney and Jeff Koons, the only two living artists to be sold for values like that. Since almost anything can be converted into tokens and sold if customers want, the fever goes beyond images. Kings of Leon, a rock band, sold their latest album...