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Experts say a new nation that will outgrow the real world within a decade is being realised, but will it last?

Elizabeth Howcroft

What do you do with a $69m (about R983m) artwork that doesn’t physically exist?

That’s the question faced by the Singapore-based investor, calling himself Metakovan, who made headlines last month when he bought the digital artwork Everydays: The First 5000 Days by American artist Beeple at Christie’s.

The work is a non-fungible token (NFT), a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing...

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