What Are NFTs and Why Are They So Controversial?

Nonfungible token (NFT or Token) was the word of the year in 2021, as NFT sales exceeded $4 billion in monthly trading volume in January 2022 after generating more than $23 billion in sales in 2021.   Celebrities including musicians  Eminem and Grimes  and artists Beeple and Banksy have minted and sold NFTs, and sports leagues like the NBA and NFL have set up NFT marketplaces. Now, large Fortune 100 corporations such as Walmart, Nike, and Spotify are entering the fray, and Mastercard is making it easier to buy NFTs, raising the question, what is an NFT?

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