Description
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.
An NFT is a record on a cryptocurrency’s blockchain (an immutable ledger that can record more than just virtual coins) that represents pieces of digital media. Invented a few years ago, it can link not only to art but also to text, videos or bits of code. Promoters of NFTs claim that they solve a thorny problem with digital art: how to own an original. For creators who freely upload their work or sell it as identical copies, the concept of an original is difficult to pin down. Exclusivity is impossible to enforce when digital files can be shared freely on the internet. But collectors want the cachet that comes with having an exclusive claim on an artwork. This is where NFTs fit in.
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.
In hundreds of headlines about NFTs, the first thing one notices is that they are presented as your regular files — animations, images, texts, tweets, audio.
Much of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities. Perhaps the most hyped space is NBA Top Shot, a place to collect non-fungible tokenized NBA moments in a digital card form.NFTs come in many shapes and provide profitable opportunities for collectors and creators alike. You may be wondering how lucrative NFT trading could really be if that gif of a pop-tart cat from 10 years ago is worth a mention.
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