NFT Mania: The Feverish Run on Digital Assets

On March 11, the digital artist Beeple sold his “Everydays: The First 5000 Days” collage in a Christie’s online auction for $69.3 million. Its buyer didn't receive anything to display on a wall. Instead he received a NFT, a “non-fungible token.” NFTs are essentially a certificate of ownership, recorded on the blockchain, for a digital asset that is seemingly just a Google search away for the rest of us. On today’s Brainstorm, hosts Michal Lev-Ram and Brian O’Keefe probe the profitable, perplexing world of NFTs with the help of Fortune’s Robert Hackett. He explains how NFTs create scarcity in the infinite digital environment of the internet.  Noah Davis, a specialist in Post-War and Contemporary Art at Christie’s, recounts the beguiling auction for Beeple’s work, and describes what’s in store for the future of NFT art.   Finally, Caty Tedman, the Head of Partnerships at Dapper Labs discusses the company’s collaboration on NBA Top Shot, a digital sports collectibles marketplace which has seen sky-rocketing growth since its launch only five months ago.    Learn more about your ad choices. Visit megaphone.fm/adchoices