NFTs explained: What are they? And why are they selling for millions of dollars?

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The popularity of NFTs has seen a lot of money changing hands in an effort to secure... what, exactly? Luke Heemsbergen explains.

A couple of days ago, the musician Grimes sold some animations she made with her brother Mac on a website called Nifty Gateway. Some were one-offs, while others were limited editions of a few hundred – and all were snapped up in about 20 minutes, with total takings of more than US$6 million.

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