ELI5 Non Fungible Tokens - would you pay millions for digital art?

What is all the excitement about NFTs or Non Fungible Tokens? Why did someone pay nearly $70 million dollars for a piece of digital art? Why pay for something that you can simply copy and paste? Is something valuable if it is media that can be viewed all over the internet?

 

... We explain like i'm five!

 

Thank you to the r/explainlikeimfive community as always and in particular the following users whose questions and comments formed the basis of this discussion: portarossa, brilliantlylouise, basm4, slippery, k_davver & echelon_trigger

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