What Are NFT’s And Why All The Rave?By Toby Tunwase June 25, 2021
NFTs are the rave of the world today. Everyone is talking about them, from TV hosts to social media influencers. However, many people have no clue as to what they are. They may even hear on the news or on the internet somewhere that NFTs sold for millions of dollars, and have no idea why. So, we have taken the time to research for you, and we have answered all the important questions you might have regarding this topic.
What are NFT’s?
NFT refers to Non-Fungible Tokens, with non-fungible referring to something unique and not of exact or equal value to another object of the same makeup or form. Therefore, an NFT is a unique digital asset, possessing distinct identification codes and metadata that separates it from any other digital asset.
What can be an NFT?
Virtually anything digital can be an NFT. We have seen clips of sports games, digital art, and even tweets sold as NFTs for millions of dollars.
Why are people paying millions for it?
This is the exciting part, especially when you realize that some of the NFT’s bought today are still accessed for free on the internet. For instance, BEEPLE, digital art that sold for 69.3 million as an NFT, can be viewed by any random individual for free. However, the owner of this specific NFT owns the original digital copy and authentication. This technology is shocking, because when you think about, you are actually paying millions for something you can’t physically touch.
This makes possessing an NFT very similar to to that of owning collectibles, except the status of owning the NFT is becoming even more superior to the value of owning the actual thing itself.