Like cryptocurrencies such as Bitcoin, they exist on a blockchain-a tamper-resistant digital public ledger. NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. TIME is now accepting cryptocurrency for subscriptions to. And that was before the digital artist Mike Winkelmann, known as Beeple, sold a piece for a record-setting $69 million at famed auction house Christie’s on March 11-the third highest price ever fetched by any currently living artist, after Jeff Koons and David Hockney. NFTs are having their big-bang moment: collectors and speculators have spent more than $200 million on an array of NFT-based artwork, memes and GIFs in the past month alone, according to market tracker, compared with $250 million throughout all of 2020.
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