Christie’s is selling digital art. Kings of Leon are offering their latest album as a collector’s item—online. And NBA fans recently drove the price of a LeBron James highlights video into six figures.Behind all three: a new asset that uses the technology backing cryptocurrencies to create unique “non-fungible tokens.” Collectors can use the tokens attached to these assets to verify the authenticity of everything from artworks to sports highlights.Bidding for Christie’s first non-fungible token, a digital collage by Mike Winkelmann, hit $9.75 million with the auction still continuing. The creator of the Nyan Cat meme, which features an animated cartoon cat with a Pop-Tart for a torso, sold an non-fungible token for 300 ether last month, equivalent to nearly $600,000 at the time of sale.Here is what you need to know about this new market.
