Three letters stand for a new hype in the art and investment world.
NFT stands for Non-Fungible Token, a type of digital signature via blockchain, the technology that has so far been known primarily from the digital currency Bitcoin.
And similar to the cryptocurrency, investors expect high profits.
Accordingly, a fierce bidding competition for the first ever NFT work of art broke out recently.
The hammer ultimately fell at $ 69 million.
WELT explains the NFT phenomenon - and why the art market in particular lends itself to blockchain technology.