What The NFT Is Going On Here?

Today’s topic? Well, it’s another acronym. Are you surprised? Don’t be, there are about a million others we haven’t even touched on yet.

The topic of the day is the world of NFTs.

What is an NFT, you ask?

Well, NFT stands for non-fungible token.

That doesn’t clear much up. Does it? At least it didn’t help me understand what these mystical things are that are making people millions of dollars. One thing’s for sure… that kind of money makes people stand up and take notice.

So, let’s dig a little deeper.

What are NFTs?

We covered that NFTs are non-fungible tokens. But what does that mean anyway?

It’s actually not as complicated as you might think.

Non-fungible simply means unique and unable to be replaced by something else. Like your grandma. Sure, other grandmas are nice, but yours is special.

Comparatively, other cryptocurrencies are fungible. You can trade one bitcoin for another bitcoin, and you’ve still got the same thing. This wouldn’t hold true if you traded your grandma. Grandmas are to be treasured, not traded.

There you have it. Now you have a solid understanding of what non-fungible token means. Only, when it comes down to it, NFTs can be just about anything else in the digital world. For example, common NFTs include:

  • Drawings
  • Music
  • GIFs (or GIFs if you pronounce it the weird way)
  • Videos
  • Tweets (Yes, like on Twitter)

Really, just about anything online. However, it seems that most NFTs fall into the realm of digital art.

You Can Buy and Sell NFT Artwork

A lot of people are saying that NFT artwork is the digital evolution of art collecting. And the massive price tags on these pieces make it hard to dispute that.

Before you start clicking the “Save as” option on every million-dollar NFT you see, it’s not really that easy. Copying a digital file isn’t actually the same as owning the work.

Allow me to explain using Vincent van Gogh and his famous painting, Starry Night. Let’s be real, everyone’s seen it. Not just because it’s amazing, but because it’s kind of everywhere. You can buy Starry Night as a 1000-piece puzzle and put it together on your kitchen table while you and your girlfriend have mimosas.

But it’s not the original. No, that’s priceless.

The closest you’ll get to that masterpiece is a print of some kind, which is basically the equivalent of clicking the “Save as” option.

No, if you purchase NFT artwork you get ownership of the work. The artist can, of course, still retain both copyright and reproduction rights, as they can with physical artwork. But you will own the original.

Now you’re up to speed on what NFTs are and how you should treasure your grandma. Just remember, art is subjective. And, sometimes it’s not so much what the art is as what it stands for or the person behind it.

After all, there was that one time when a low-quality clip art rock sold for $1,300,000, but that’s a different story.

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