There's absolutely nothing like an explosion of blockchain news to leave you believing, "Um what's going on here?" That's the sensation I have actually experienced while checking out Grimes getting millions of dollars for NFTs or about Nyan Cat being sold as one. And by the time all of us thought we sort of understood what the deal was, the founder of Twitter put an autographed tweet up for sale as an NFT.
You might be questioning: what is an NFT, anyhow? After literal hours of reading, I believe I know. I also think I'm going to sob. Okay, let's begin with the fundamentals: Non-fungible token. Right, sorry. "Non-fungible" basically implies that it's unique and can't be changed with something else.
An one-of-a-kind trading card, nevertheless, is non-fungible. If you traded it for a different card, you 'd have something totally various. You offered up a Squirtle, and got a 1909 T206 Honus Wagner, which Stadium, Talk calls "the Mona Lisa of baseball cards." (I'll take their word for it.) At a very high level, a lot of NFTs are part of the Ethereum blockchain.
It is worth noting that other blockchains can execute their own variations of NFTs. (Some currently have.) NFTs can actually be anything digital (such as drawings, music, your brain downloaded and became an AI), however a lot of the current excitement is around using the tech to sell digital art.
A lot of the conversation is about NFTs as an evolution of art collecting, only with digital art. ( Answers Shown Here , when developing the line "purchasing my excellent tweets," we were trying to think about something so silly that it would not be a real thing. So obviously the founder of Twitter offered one for simply under $3 million quickly after we published the article.) I make certain some people truly hope so like whoever paid nearly $390,000 for a 50-second video by Grimes or the individual who paid $6.
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