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Illustration: Aïda Amer/Axios

Move over, GameStop. The newest speculative game in town is NFTs — digital files that can be owned and traded on a plethora of new online platforms.

Why it matters: Most NFTs include some kind of still or moving image, which makes them similar to many physical art objects. Some of them, including a gif of Nyan Cat flying through the sky with a pop-tart body and rainbow trail, can be worth more than your house.

How it works: Most crypto assets are like dollars, or stocks: They're fungible, which means that one bitcoin, or share of IBM, is worth exactly the same as any other bitcoin, or share of IBM. NFTs, by contrast, are non-fungible tokens: They're unique objects that live on a blockchain and are valued as collectors' items.

  • By the numbers: Nyan Cat sold for 300 ETH (the Ethereum cryptocurrency), or about $580,000 at the time the bid was entered on Feb. 19. An artist going by the moniker "Beeple" sold 20 artworks for $3.5 million in December, and has consigned a major digital work to auction house Christie's in an online auction that will end on March 11.
  • One fake Banksy, by an artist calling themselves Pest Supply, sold for more than 60 ETH, or about $100,000. The artwork featured a stencil saying "I can't believe you morons actually buy this NFT shit." It's not clear where or how the buyer could resell the work, given that the Opensea platform has now disabled all future sales by that artist.
  • A short clip of a LeBron James dunk from 2019 sold for $208,000, on a day when more than 20,000 buyers spent more than $45 million in total buying NBA TopShot clips.

The catch: Most NFTs (but not TopShots) live on the Ethereum blockchain, which has a massive carbon footprint. Artist Joanie Lemercier calculated that one release of his art on NiftyGateway was responsible for more carbon emissions than his entire physical studio emitted in 18 months.

  • Another artist, Memo Atken, analyzed a separate platform, SuperRare, and calculated that a single NFT is on average responsible for 211kg of CO2 emissions — the equivalent of driving a gasoline-powered car for 1,000km.

The big picture: Our digital lives are surrounded by countless digital objects. NFTs are a way to imbue such objects with financial value. When that happens they take on a new level of significance and importance.

  • They also become vehicles for speculation, whose financial value is generally entirely unrelated to their artistic value.

Go deeper

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Firefighters try, in vain, to extinguish a fire in the Jagger Library, at the University of Cape Town, after a forest fire came down the foothills of Table Mountain in Cape Town, South Africa, on Sunday. Photo: Rodger Bosch/AFP via Getty Images

A massive wildfire spread from the foothills of Table Mountain to the University of Cape Town Sunday, burning historic South African buildings and forcing the evacuation of 4,000 students, per Times Live.

The big picture: Visitors to the Table Mountain National Park and other nearby attractions were also evacuated and several roads including a major highway, were closed. South Africa's oldest working windmill and the university's Jagger Library, which houses SA antiquities, are among the buildings damaged.

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3 killed, 2 wounded overnight in Kenosha bar shooting

Three people died and two others were hospitalized with serious injuries after a gunman entered bar in Kenosha County, Wisconsin, the police department said in a statement on Sunday.

The latest: Officers arrested a "person of interest" Sunday afternoon in connection with the 12:42 a.m. shooting and there's "no threat to the community at this time," per a later police statement.

Updated 4 hours ago - Sports

Big European soccer teams announce breakaway league

Liverpool's Mohamed Salah (L) after striking the ball during the UEFA Champions League Quarter Final Second Leg match between Liverpool F.C. and Real Madrid at Anfield in Liverpool, England, last Wednesday. Photo: John Powell/Liverpool FC via Getty Images

12 of world soccer's biggest and richest clubs announced Sunday they've formed a breakaway European "Super League" — with clubs Manchester United, Liverpool, Barcelona Real Madrid, Juventus and A.C. Milan among those to sign up.

Why it matters: The prime ministers of the U.K. and Italy are among those to express concern at the move — which marks a massive overhaul of the sport's structure and finances, and it effectively ends the decades-old UEFA Champions League's run as the top tournament for European soccer.