Why People Spend Fortunes on NFT Art?

The market for NFTs exploded with sales worth more than

$40 billion

Every day, thousands of artists work hard to create images that will be sold as NFTs on online exchanges.

The market is thriving, and the most popular items can fetch millions of dollars, but outsiders may be perplexed as to why anyone would pay anything at all.

Justin Bieber paid more than $1.3 million last week for an NFT from the collection known as "Bored Apes Yacht Club".

The collection, which features 10,000 cartoon images of apes with algorithm-generated variations to the background.

And other details, enjoyed a record January, shifting dozens of NFTs each day for an average price of roughly $250,000

No physical pieces of art exchange hands in these transactions.  Buyers use cryptocurrencies and receive their NFTs —  A unique piece of computer code related to the artwork that is stored on a blockchain, a kind of digital ledger that cannot be changed.

NFT  is more than selling a jpeg for millions or making a monkey picture. With digital painting, the work of art is a data file, which can have an infinite number of perfect copies.  That is why NFT doesnot comprise the data file of the work of art itself.

Useful tool to fight forgery by traceability and authenticity. To develop and maintain a relationship with clients without relying on intermediaries.  

NFT: Digital version of luxury goods