What Are NFTs? And Why Do People Give A $h!T About Them?
WHAT ARE NFTs?
“NFT” is an acronym for “non-fungible token,” furthermore, “non-fungible” means a token is individual and can’t be copied. “But can’t you screenshot the NFT and thus, own it without paying for it? No, NFTs are built on Blockchain, which shows every single transaction of that NFT. So, yes, you could screenshot one, but if you were to attempt to sell it, there’d be no blockchain, i.e., certificate of authenticity, to back it up.
Anything can be an NFT. You can make any image into an NFT, such as music, digital art, 3D art, cartoons, JPGs, 8-bit art, etc. Many digital artists have jumped on the trend by turning their art into NFTs, such as Beeple. Of course, you don’t have to be an artist, either! You can create one with a three-minute video (YouTube or your own) and add a song and some pictures. Then WHAMO. You can sell that as an NFT. As long as someone sees value in it, they’ll buy it.
“You mentioned NFTs are built on blockchain?” Yes, specifically Ethereum Blockchain. You may further ask, “Isn’t Ethereum a cryptocurrency?” Yes, it is; despite Ethereum being a crypto, its Blockchain supports NFTs.
WHAT IS THE BIG DEAL ABOUT NFTs?
The hype surrounding NFTs is the same as anything else people like to buy, collect, flip, or sell. It’s no different than traditional art, such as paintings, sculptures, or other things like trading cards. It’s just that NFTs are the new medium and have such a wide range for what they can be; as mentioned, they can be static art, videos, 3D art, and more.
Now, it seems that NFTs have a new running partner, virtual real estate. Remember when I mentioned Beeple? He sold an NFT he made for $69M, and the company that bought it is going to put it in their art museum in a metaverse.
So, do you feel informed now? Are you going to make or flip NFTs? Or just sit back and watch the show? Whatever you do, have a good time and don’t be a jerk to people in your life.
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