While NFT technology was created to give artists more control over their work, they have spawned a frenzy as collectors look to cash in.

Collins Dictionary has chosen the term NFT as its word of the year after surging interest in the digital tokens that can sell for millions of dollars brought it into the mainstream.

(Christie's via AP)LONDON – A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. One purpose of NFTs is that they can be used to trace an object's digital provenance, allowing a select few to prove ownership. Beeple is an American digital artist based in South Carolina whose real name is Mike Winkelmann. Digital artist Anne Spalter started out as an NFT skeptic but has now sold multiple artworks using the tokens. “They’re investors, they’re tech entrepreneurs, they’re in that world.”BUT WHO WOULD SPEND $70 MILLION ON ONE?