When a JPG file sold for $69 million in March this year, people responded with a mixture of amusement, outrage and utter confusion. Who was Beeple? What made his constellation of mostly undecipherable pixels valuable? And what in the world was this new technology called an NFT? Non-fungible tokens (NFTs) have enjoyed extensive media coverage since Beeple sold his digital collage, “Everydays — The First Five Thousand Days,” through the esteemed auction house Christie’s. While the technology behind NFTs has existed since the mid-2010s, Beeple’s high-profile sale — facilitated by th...