An online auction of an NFT (Non-fungible token) in the island is set to take place this month.

NFTs have been gaining attention in worldwide technology news, following the sale of some tokens for prices of up to £50 million at Christie’s auction house

’Fungible’ is an economics term meaning goods or services that have given units meaning they can be exchanged.

NFTs are ’non-fungible’, meaning that tokens such as digital artwork carry digital certificates of ownership, which makes them unique ’collectibles’ which can be bought and sold as ’one of a kind’ items.

Purchased using cryptocurrencies, the value of NFTs relies on their authenticity and scarcity, and a non-fungible token cannot be faked or copied.

Some have compared them to digital trading cards, and advocates of NFTs have said they are the collectibles of the future.

The token being sold at the auction is a colourised picture of a TT grandstand taken by local e-gaming executive Frank Schuengel.

Mr Schuengal described it as a chance for ’one lucky individual to own some unique digital art’.

The proceeds will go to Manx homeless charity Graih. And it’s not only artwork that has recently be sold as NFTs - for example,Twitter founder Jack Dorsey has sold the first-ever tweet for $2.9 million (£ 2,048,299.00).