The psychology of NFTs – When possession is 9/10ths of the (mind’s) law

NON-fungible tokens, or NFTs as they are more commonly known, are increasingly gaining attention from both ordinary people and investors alike. A not-insignificant reason is due to its attention-grabbing prices, with NFTs occasionally being sold for eye-watering amounts: at the time of writing, the priciest NFT ever sold was Winkelmann’s “EVERYDAYS: THE FIRST 5000 DAYS”, which fetched a colossal US$69.3mil (RM289mil) in auction at Christie’s auction house.

Nonetheless, prior to 2021, NFTs were hardly known, and it is arguable that many still do not understand what an NFT actually is.