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Who would pay hundreds of thousands of dollars for what basically amounts to a trading card? But while it could be like a van Gogh, where there’s only one definitive actual version, it could also be like a trading card, where there’s 50 or hundreds of numbered copies of the same artwork. In the boring, technical sense that every NFT is a unique token on the blockchain. I feel kind of dirty for talking about that, though.

NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.Īh, okay, yes. Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs (which are way trendier than, like, Telegram stickers). If you come up with a really cool digital sticker idea, what are you going to do? Sell it on the iMessage App Store? No way.Īlso, NFTs have a feature that you can enable that will pay you a percentage every time the NFT is sold or changes hands, making sure that if your work gets super popular and balloons in value, you’ll see some of that benefit. You might be interested in NFTs because it gives you a way to sell work that there otherwise might not be much of a market for. That really depends on whether you’re an artist or a buyer.įirst off: I’m proud of you. For Pudgy Penguin or Bored Ape owners, it seems to involve vibing and sharing memes on Discord, or complimenting each other on their Pudgy Penguin Twitter avatars. Of course, the communal activities depend on the community. It could be argued that one of the earliest NFT projects, CryptoPunks, has a community around it, and there are other animal-themed projects like the Bored Ape Yacht Club that have their own clique. One community that’s been exceedingly popular revolves around a collection of NFTs called Pudgy Penguins, but it’s not the only community built up around the tokens. people have long built communities based on things they own, and now it’s happening with NFTs. Didn’t the boom go bust ?īut surely you’ve heard of penguin communities? I think I remember hearing that NFTs are already over. With digital art, a copy is literally as good as the original.īut the flex of owning an original Beeple. Whoever got that Monet can actually appreciate it as a physical object. This last sold for $3,600, but the current owner is asking for $16,300.

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art. What’s worth picking up at the NFT supermarket? It is worth noting that other blockchains can implement their own versions of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)Īt a very high level, most NFTs are part of the Ethereum blockchain. If you traded it for a different card, you’d have something completely different. A one-of-a-kind trading card, however, is non-fungible. For example, a bitcoin is fungible - trade one for another bitcoin, and you’ll have exactly the same thing. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. Okay, let’s start with the basics: What is an NFT? What does NFT stand for? You might be wondering: what is an NFT, anyhow?Īfter literal hours of reading, I think I know. Now, months after we first published this explainer, we’re still seeing headlines about people paying house-money for clip art of rocks - and my mom still doesn’t really understand what an NFT is. And by the time we all thought we sort of knew what the deal was, the founder of Twitter put an autographed tweet up for sale as an NFT. There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” That’s the feeling I’ve experienced while reading about Grimes getting millions of dollars for NFTs or about Nyan Cat being sold as one.