Finance

Why crypto art and sports collectibles are suddenly so popular

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The cryptocurrency world is abuzz with talk of digital collectibles, unique virtual tokens that can represent anything from art to sports memorabilia.

People have been paying hundreds of thousands of dollars for these NFTs, or non-fungible tokens. One investor, Sheldon Corey from Montreal, Canada, told CNBC he paid $20,000 for one of thousands of computer-generated avatars called CryptoPunks.

CryptoPunks isn’t a new phenomenon — it was released by developers Larva Labs in 2017. But it’s boomed in popularity lately, generating $45.2 million in sales volume in the last seven days alone according to the website NonFungible, and inspiring a broader “crypto art” movement.

Digital avatars…



Source cnbc.com

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