by Jackson Bogen
In a new digitalized world, online financial concepts such as cryptocurrency and NFTs have been gaining in traction; NFTs becoming more and more popular in 2021-2022. But what exactly are NFTs and how can we actually understand them?
The term NFT stands for Non-Fungible token.
Essentially NFTs are unique digital assets with each token being similar to artwork, think of it as digital art. However, owning an NFT can mean a lot more than just owning a piece of art. For example, some NFTs can come with digital and even in person benefits / events. Owning some types of NFTs can get you into a Yacht club, get you into concerts, and much more; with NFTs being used as a ticket, or proof of ownership. Moreover, NFTs can be used in almost any way imaginable. Creators and celebrities can use them to connect online or in person with their fanbase.
NFTs could be images, trading cards, games, books, and much more. An NFT isn’t always just a still image but it could also be music, a video, or a moving image. Again, each NFT has its own unique identity and substance, making it different from just screenshotting an image online. Think about it like this, a person can take a picture or remake the Mona Lisa. However, the fact of the matter is that the Mona Lisa in the Louvre is the original piece, and just because you copied it, it doesn’t mean you “own” the Mona Lisa.
An advantage NFTs have over traditional art is the ability for them to be bought and sold at such ease. Most of the time, using cryptocurrency as a method of exchange.
While NFTs might be confusing to some, the further implementation of them and their potential use in the modern world can become quite fascinating.
On the right is a popular collection of NFT's