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What the hell is an NFT and why did someone pay 69 million for one?

NFT’s are currently all the hype, and the large amounts being spent on them are no exception. A quick google search will show “Digital House sells for $500,000”, and “Beeple(NFT) sells for 69 million”. Why was 69 million dollars (Dr. Evil voice) spent on an acronym, and what makes it so valuable? As usual, my curiosity sent me down the rabbit hole of understanding the…