If you’re like me and have little or no understanding about digital currency, this is definitely the article for you. In recent months there’s been a lot of talk about NFTs on social media and all I could make out is that it had something to do with artists and art related work. Anyway, to help those of us who can never really get the hang of the concept of digital currency and all the crypto talk, I’ve done the research for you and going to explain NFTs in the most understandable way possible.
NFT stands for Non-fungible token. I know you’re probably still confused, I was too. It’s a digital token that’s a type of cryptocurrency, just like bitcoin, dogecoin, ethereum and the others. However, it’s so unique that it can’t be exchanged or traded for something else. Hence the term Non-Fungible. Am I making sense? I think I’m making some sense.
You may be wondering ‘okay what makes it so special?’ Well, NFTs could take the form of digital art or music, practically any digital collectible. So instead of buying a $30million physical painting or sculpture to take home and admire, you have a $30million digital image on your phone.
So if you’re an artist you should definitely care as it is a great way to skyrocket the value of your work. Let’s take Beeple for example, now positioned as one of the most valuable living artists. Before October 2020, he had never sold a print for more than $100, today an NFT of his work has been sold for $69 million.
If you’re not an artist it’s also a great way to accumulate assets, as NFTs can be resold later. One of Beeple’s NFTs that initially sold for $66k was later resold for $6m. Those of you that are scared of the clutches of sapa in the future should look into this newfound explosive investment opportunity.
From my extensive research i.e three hours on google and reading ‘crypto for dummies’, this is the sense I’ve been able to make out of the concept NFTs
Too busy to visit our blog every day? We get it! Subscribe to our weekly newsletter and get our best stories delivered to your mailbox every Friday!