While Bitcoin and other cryptocurrencies are going parabolic, they aren’t the only part of crypto ecosystem that are going nuts. In the past couple of months, these things called as non-fungible tokens (NFT) have become ridiculously hot🔥
NFTs are digital tokens that represent ownership to both physical and digital assets like digital art, music, memes, videos, virtual real estate, physical sneakers and so on. All these NFTs reside on secure Blockchains like Ethereum. So their ownership is public and can be verified and there’s an ownership trail as the assets given that these assets can be traded anytime. This apparently solves the problem of fakes which are rampant in traditional art.
For example, 👇this piece of Donald Trump digital art was sold for $6.6 bloody million.
Over $250 million worth of NBA Top Shot videos have been sold so far. These are basically videos of some famous NBA Basketball shots, videos which can be viewed for free on YouTube 😐
This trend resembles the great Initial Coin Offering (ICO) mania of 2017-18. Investors during the craze lost of tens of billions on dubious and scammy crypto offerings.
But even though what’s happening is novelty driven craziness, a lot of smart people believe that the underlying infrastructure can underpin digital commerce. So I thought, I’d try to understand what the hell these non-fungible (NFTs) were and what the fuss was all about. Here are some really good links if you are accidentally curious about these goddamn digital token thingamajiggies.
This tweet has a ton of links for you to dive even deeper