TORONTO - The recent auction of an artwork has created a stir in the art and tech worlds, and not just because of the US$69.4-million final bid it fetched.

Non-fungible tokens, or NFTs, happen to be the newest crypto craze to capture the world’s attention. Indeed, NFTs have garnered impressive popularity after the first-ever NFT, “Everydays: The First ...

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.

NFT's essentially have a digital certificate on the blockchain for the asset they represent, with information about the asset. Each NFT, such as an image, can only have one owner at a time.

Musician Grimes sold NFT projects for US$6 million earlier this year. Rock band Arkells tweeted encouragement to a photographer to turn an image of their performance into an NFT.