What do you do with a $69 million artwork that doesn't physically exist?
That's the question faced by the Singapore-based investor calling himself Metakovan, who made headlines last month when he bought the digital artwork "Everydays: The First 5,000 Days" by the American artist Beeple at Christie's.
The work is a nonfungible token (NFT) — a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.