While many of us still struggle to get our heads around this concept, it’s not particularly new.
It was in 2014 that the digital artist Kevin McCoy designed the very first NFT (which he got sued for): a pulsing, pixelated octagon called Quantum. It didn’t make him famous at the time. NFTs remained a niche interest until 2021, when the buying market surged (perhaps thanks to our stay-at-home pandemic culture) and they started to dominate the business, art and fashion news. Last year, Quantum sold at a Sotheby’s auction for $1,472,000 (£1,100,150) and a new kind of art history was made.