[codeulike]

There is an art market, people (dont ask me why) pay a lot of money for art and 'invest' in it, hoping things will go up. Originals have value - e.g. the original Mona Lisa will always be worth more than any copy, even if that copy was accurate down to the atomic level. Or an original banksy spray painted on a wall is worth lots of money ... if you took the exact same stencil he used, and sprayed your own version, it would be worth much less.

NFTs are an attempt to translate that into digital form. An artist will 'mint' an NFT (I think its based on a hash of the actual digital image/video whatever?) and then that 'minted' NFT is embedded in a blockchain and can be bought and sold. It is perceived to have value because its endorsed by the original artist.

Yes NFTs are weird but so is a lot of the real world art market, decades ago Yves Klein could paint a canvas pure uniform blue and people paid crazy money for that stuff.

[pjc50]

I quite like the IKB canvases because they're outside the normal colour gamut; if you have an opportunity to see one in person you'll understand, because the colour cannot be accurately represented on screen or in a photograph. A neat trick. But I still can't see how it's worth millions.