â€˜Nonfungible tokens' could solve problems that have dogged the art world and other markets for centuries. Still, some buyers may be getting a bit too enthusiastic.
Financial innovations often feel like insanity at first. Pay bills with a piddly piece of plastic? Get cash from a faceless machine rather than a bank teller? Stop trying to beat the market and just own all the stocks, including the bad ones?
Yet credit cards, ATMs and index funds went on to make the financial world easier, safer and more convenient for millions of people. One of the nuttiest-sounding ideas in years, NFTs, could do the same.