Fresh off of spikes in cryptocurrencies like Bitcoin and Dogecoin and price surges in "meme" stocks like GameStop, investors are flocking to non-fungible tokens (NFTs): digital files whose unique ownership and identity are verified on a blockchain. If this sounds confusing, that's because it is — but that hasn't stopped the value of NFTs from skyrocketing in recent weeks. (This week, Christie's sold digital art by an artist named "Beeple" for an astounding $69.3 million.) The question is, are these trends merely passing fads, or are they indicative of a larger change for the financial industry? This New York Times article examines the topic in detail.
