By Alex Zhu. Edited by Arjun Chandrasekar.
Overview
Mentions of NFTs have been exploding all over various news sites; FOX news, CNN, NBC, and more are filling their daily news with content about NFTs. So you might be wondering what they are. Lucky for you, we’re here to provide this review for you!
What is an NFT?
$69.3 million for a couple of graphics that can be saved and downloaded for free. Why would anyone pay such a ridiculous price for something so seemingly worthless? Well, welcome to the world of NFTs, or non fungible tokens. Non fungible means totally unique and irreplaceable. They can be readily interchanged with almost any asset. NFTs can best be described as a collectible digital asset, its value all in the form of cryptocurrency. NFTs can take the form of digital art, music files, GIFS, and much more.
What makes an NFT an NFT?
Having an NFT is like having an original piece signed by an artist. NFTs are all part of the ethereum blockchain. This blockchain stores important information in these digital art pieces. This information prevents random users from downloading the NFTs and trying to sell it off as their own.
Where can you buy an NFT?
NFTs can be bought on thousands of online markets. All of them require you to fill your shopping wallet with cryptocurrency, as the NFTs hold their value in crypto. The majority of NFT buyers are people who have gotten crypto rich and have money to spare..
Just last week, famous billionaire investor Mark Cuban launched Lazy.com, which allows NFT owners to frame and show off their pieces. The recent NFT chaos has attracted a large number of celebrities, including Lebron James and Paris Hilton.
Conclusion
Overall, NFTs have become very popular due to the new blockchain infrastructure which provides investors with more security without third party transactions. They provide the ability to exchange digital assets such as art pieces or graphics and gain full ownership of these assets without the hassle of copyright claims. We don’t recommend looking into NFTs this early as they are relatively new and have been flagged as scams, but it’s always good to keep up with the financial world.
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