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.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Tech News

Crypto insurer Evertas authorized to offer largest single crypto insurance policy
Mercedes won't join Renault's new electric van project-sources
Amazon in talks to offer low-cost mobile services - Bloomberg News
SentinelOne's disappointing forecast slams shares
Netflix, Disney, Amazon to challenge India's tobacco rules for streaming-sources
Kenya central bank says digital currency not a 'compelling priority'
Renault customers to lodge criminal complaint in France over faulty engines
Tech shares see biggest ever weekly inflow on AI boom-BofA
Online meetup ends with man ambushed and shot in the groin, US police say
Amazon's India and South Asia head of cloud unit, Puneet Chandok, resigns

Others Also Read