Why are celebrities buying million-dollar ape cartoons? NFTs, explained

An NFT titled "SHIFT//" by Mad Dog Jones is on display during a press preview of the Natively Digital: A Curated NFT Sale at Sotheby's on June 4, 2021 in New York City. — Getty Images/TNS

Video clips of basketball highlights. Digital works of art. A yacht in the metaverse. Cartoons of apes, cats, frogs and hipsters.

These are just a few examples of the digital collectibles sold as non-fungible tokens, many at forehead-slapping prices. NFTs have become a hot commodity among crypto investors and celebrities, who have shown off their purchases on late-night TV and social media — causing some critics to wonder about the financial interests being served.