
By now, you’ve likely seen or heard the letters NFT. Whether from a “tastemaker” on Clubhouse, account on Twitter, or a think piece in a tech magazine, it’s clear: NFTs are the new “it” thing on the internet. But what the fuck are they? And what are you buying?
The concept of NFTs can be fairly confusing. That’s partly due to the fact that they so recently found applications in art, crypto, and music, vaulting them into public consciousness. Without a clear understanding of how NFTs will eventually operate, those diving in right now are entering unmapped territory.
Simply put, NFTs are a unique digital representation of an item, whose ownership is tracked and verified on a digital ledger, aka a blockchain. NFT stands for Non Fungible – meaning not able to be replaced or duplicated – Token. And that’s exactly what NFTs are: a digital token whose value of ownership is derived from its limited quantity that’s verified and tracked via blockchain.
Continue reading WTF Is An NFT? Breaking Down The Internet’s Latest Big Thing