The NFT conundrum: Smoke and mirrors, or sound investment?

People are obviously willing to pay very large sums at this instant for the bragging rights of owning blockchain entries

Blockchains have been used in China to bypass censorship, in at least one famously tragic case

Non-fungible tokens, or NFTs, have taken the planet by storm. People are willing to pay enormous sums for something that’s hard to describe, and easy to copy. This could be just a strange phase in global financial history like Tulipmania in the 17th century. Or, it could be a new phase in the admittedly odd history of objets d’art. An NFT is a piece of code written on a blockchain and associated with something else. The “something else” is usually digital, and can be described very loosely as a collectible. It could be a photo, music, artwork, even a tweet, or ...