WTF is an NFT and how does it affect IP?

Non-fungible tokens (NFTs) are a trending topic on the Internet. For example, the artist known as Beeple sold an NFT for $69 million on 11 March 2021. This article, by James Wan who is a Lawyer and Patent attorney with an interest in Art, AI and Blockchain, is going to explain what an NFT is and more importantly, explain its interaction with intellectual property (IP).