Ownership of an NFT is meant to be undisputable, as the blockchain acts as a digital ledger that records and verifies every sale and purchase. Yet despite being encrypted, NFTs are not totally ...

Former business partners of an NFT project and Bitcoin mining venture they invested in have sued the CEO for allegedly misappropriating millions of dollars for personal use.

The buyer, Miami-based art collector Pablo Rodriguez-Fraile, sold that NFT this week for almost 100 times what he paid, setting what's believed to be a new record for NFTs at $6.6 million US.

The highest-priced CryptoPunk NFT sold for nearly $24 million worth of crypto, according to the CryptoPunks website. The markets have slowed since then, however.

Rarible co-founder Alexander Salnikov says the NFT bubble has burst, but scalable consumer apps and tokenized intellectual property are now driving the next phase of real-world adoption.