People are paying millions for clips that can be viewed for free. Welcome to the world of ‘NFTs’

  • Digital collectibles known as “NFTs” have exploded in popularity lately.
  • A video clip created by digital artist Beeple was flipped for a record $6.6 million last week.
  • So what are NFTs? CNBC runs through what you need to know.
A virtual art piece titled "Everydays: The First 5000 Days." Created by digital artist Beeple, it's the first NFT-based work of art to go on auction at Christie's.
A virtual art piece titled “Everydays: The First 5000 Days.” Created by digital artist Beeple, it’s the first NFT-based work of art to go on auction at Christie’s.
Christie’s

From art to sports trading cards, people are spending millions of dollars on digital collector’s items.

These crypto collectibles, known as NFTs, have exploded in popularity lately. A video clip created by digital artist Beeple, whose real name is Mike Winkelmann, was flipped for a record $6.6 million last week. It had originally been bought for around $67,000.

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