Well, some people love to spend a lot of money on questionable things. Of course if you earned your money honestly, then nobody can tell you what to do, and what not to do with it. But why is the "art" seen on the cover of our post valued at 605 ETH, or almost 800 000 USD?
The answer is simple, this is a so called Non-Fungible-Token (NFT), a tool that was not possible before the dawn of the blockchain and smart contracts. In the physical word we are used to artifacts that exist in one "copy", one copy only.
But in the digital age an entity that exists in only one copy in unheard of, it seems impossible to keep one, and only one copy of a picture, or any other type of digital file. But this might come to an end with the rise of NFT tools.
Just imagine the possibilities that this technology might bring to us. Beyond digital art, a lot of other types of electronic documents could be finally protected with the help of smart contracts.
A lot of debates, copyright issues and many others could be solved with the help of NFTs. Think about a ticket to an event, with the help of this technology this too could become much easier.
Also, in the world of video games, a lot of value could be added by using the technology to secure the uniqueness of armors, weapons, tools, many others. Also basketball, baseball, hockey cards, the list goes on and on.
Of course NFTs are still in their infancy, but who knows, maybe they are here to stay for a long time. Only time can tell, until that everyone can decide, if the artwork above is worth hundreds of thousands of dollars.