SAN FRANCISCO (NYTIMES) - This past week, a trading card featuring quarterback Tom Brady sold for a record US$1.3 million (S$1.75 million). The total value of the cryptocurrency bitcoin hit US$1 trillion. And Christie's sold a digital artwork by an artist known as Beeple for US$69.3 million after bids started at just US$100. These seemingly singular events were all connected, part of a series of manias that have gripped the financial world.
For months, professional and everyday investors have pushed up the prices of stocks and real estate. Now the frenzy has spilled over into the riskiest - and in some cases, wackiest - assets, including digital ephemera and media and collectibles like trading cards and even sneakers.
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