Why People Spend Fortunes on NFT Art?

[{"selector":"#anim-e137ffb7-6e6e-4adb-afb9-3e5dec55dd0d","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b8ca0c85-e28a-43a7-a9d5-4d0154be38ee","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-5952984c-6abd-46cd-a063-8a78cbc217a2","keyframes":{"transform":["translate3d(-70.06803%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9bb2d758-52b9-4b78-8b2e-cf9eb8e4bc90","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fbece44c-64aa-4dec-9c4d-56b982079be1","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

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

[{"selector":"#anim-66151072-eaf7-4542-8d6d-49169facc87c","keyframes":{"transform":["translate3d(-70.06803%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a7097e4e-7dfd-4ef7-9bbb-4975ff638b68","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-38b236fb-0cfe-4c47-9a9c-a64a44e6c7bf","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-7cc282a8-c915-4b42-9773-8ba882ca557b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-00db57a9-c629-4fc5-9a6e-ab6e04d658ca","keyframes":{"transform":["translate3d(-121.16041%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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.

[{"selector":"#anim-aa61386c-f8eb-4e0d-bedc-a0f6c3bad2ba","keyframes":{"transform":["translate3d(-68.53742%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3645c78d-cea6-47b2-83eb-9b3c6bc49619","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c04c2119-1a97-42d4-add3-e5c26f6d5ad5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-47e3e687-b83e-4708-889a-3e80d2658938","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8090d3a5-6dc4-43bb-a9ee-53c05d72f9ce","keyframes":{"transform":["translate3d(-118.77133%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c9b80353-9d99-42d3-84a1-74cae5d9e654","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c66ad770-8f03-4915-8776-afdcc378cb4a","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

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

[{"selector":"#anim-43a58cf1-12a4-45d0-a13b-b29f3b97ba84","keyframes":{"transform":["translate3d(-70.06803%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-34059810-5cce-412e-a372-eb6f89ad2da6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-32cf32ab-a62c-4de7-8797-94157f5479c5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-c4ed7efc-bfb0-470b-8b56-1517c4809c82","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b4b6261d-509a-482a-9040-2ee15d750c01","keyframes":{"transform":["translate3d(-120.2847%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4e035faa-25b0-4412-9f2e-37d648f9e38e","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-74d81a15-ae1a-464b-900a-32cd3ef6ddc0","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

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

[{"selector":"#anim-563e3531-776f-4b6f-a6a0-a5377706d2b4","keyframes":{"transform":["translate3d(-67.34694%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4cca62c6-550a-40ec-aeb3-93999358d3a7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-96f351bb-ba85-4246-ad16-c4261790f9a2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-14cf9c6b-d898-494a-8a5a-a5bc95927356","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-33f1bfbc-db04-4611-bcf3-37bc19e1700f","keyframes":{"transform":["translate3d(-122.41993%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c1e78d90-cbc9-4601-ba28-bf9582e1d2a6","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":3000,"easing":"ease-in-out","fill":"both","iterations":1}]

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

[{"selector":"#anim-e5d95ed4-09bc-4b7a-a7c9-bd04634d8d93","keyframes":{"transform":["translate3d(-71.93878%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6923bcf5-aa46-4162-987e-28cfe916e26a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3a41597e-2e52-440f-9a3d-c122de1b89a1","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-30935631-753d-41bf-bc28-3db9e6a8ee62","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ee063c33-6278-45a4-b2c1-af65f16724b6","keyframes":{"transform":["translate3d(-121.22302%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-58a0fb0a-802b-4cea-b5db-7666de7a1ec8","keyframes":{"transform":["translate3d(-70.9836%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e965b453-e66f-4464-845e-ac2f45b8ae7d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1a1b53df-4ad7-44d5-ae18-16319a64f1d8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-a3120524-8c77-459d-b0a5-8d2066f400fb","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-89342ee7-b679-4846-87fb-dd78e614424f","keyframes":{"transform":["translate3d(-117.08186%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3cc3b06-e48d-41eb-b194-2b124cea7f62","keyframes":{"opacity":[1,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-679dace1-490a-4da1-b3a3-4babe896fb53","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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.

[{"selector":"#anim-04213966-2401-49a6-acf1-a57909649253","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4deafab7-c016-48ed-8c27-6c32ec7ddafc","keyframes":{"transform":["translate3d(0px, 75.97109%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fb3c3a58-7d06-4f59-86ed-c2f3ad66fcce","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f06463d0-234c-4dba-8f35-9acbcfcd2aeb","keyframes":{"transform":["translate3d(-118.12297%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fcf5abb3-ca22-47a0-9454-f9911cdf943e","keyframes":{"opacity":[0,1]},"delay":0,"duration":5000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] 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.

NFT: Digital version of luxury goods

[{"selector":"#anim-28b1fcca-8c9b-44c2-8de1-5db5de891e88","keyframes":{"transform":["translate3d(-71.76871%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-193fa5cc-11f2-4e41-85f9-2f1b88b368c1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-63fbd608-035c-4694-868f-b19174e03783","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-764158d0-5981-4cde-9d2b-e25ebec8ce76","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98390639-ee50-455f-9122-992bbd1b3f31","keyframes":{"transform":["translate3d(-115.55555%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53a584a2-7692-462d-ba28-465946d5f440","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e459a552-fe44-49ba-8145-75b161ac1333","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Useful tool to fight forgery by traceability and authenticity. To develop and maintain a relationship with clients without relying on intermediaries.