For a week or two in March, both the tech and broader press lit up with excitement as a new inflated price bubble seems to be forming in the tech world. Trading in non-fungible tokens, or NFTs, had reached new heights, with all manner of crazy prices being paid for digital art. Although the NFT scene has been percolating since 2017, the sudden dramatic growth raises questions, such as are NFTs a bubble waiting to burst? Are NFTs just about art, or is there something more substantial for us to get excited about?

Briefly, NFTs are blockchain-based tokens, or records, that prove ownership of a digital asset and are now being traded.