Non-Fungible Tokens or NFTs have graduated from the laughing stock of the crypto world to a global phenomenon fuelled by celebrity and ‘memelord’ endorsements. So what are they? In short, they enable buyers to purchase a digital version of a piece of art which resides on the blockchain. While NFTs started out with trivia such as memes, the art world is beginning to grasp the potential benefits.

Even the British Museum has jumped on the trend, selling NFTs of Hokusai’s The Great Wave. One of the advantages to artists is that they can earn royalties from each subsequent sale, which is of course not the case with physical artworks. Think of Banksy for example, whose art is worth millions but he wouldn’t see a penny from its sale at Christie’s – hence his ‘Love is in the Bin’ stunt in 2018.