What are NFTs?

May 19, 2022

Author: Elle Miller

$2,915,835.47 DOLLARS. That is the first selling price of the first-ever tweet sent by CEO himself, Jack Dorsey. At least, when it was sold as an NFT or non-fungible token.

What the heck is an NFT?

A crazy phenomenon has been sweeping the internet and the CryptoVerse with these things. Some NFTs are being sold at hundreds of thousands and even at 69 million dollars. Kids are making pixelated whales and making hundreds of thousands of dollars. Music, web outfits and even land is being sold all over the internet at what seems like crazy amounts.

So, is an NFT just a trending bubble? Is it just a game for kids and the mega-rich? Is it just a money-making machine?

Well, money-making could be questionable depending on the NFT you’re buying. That NFT above? Jack Dorsey’s first-ever tweet just came back to the secondary market and it might just get sold for under $14,000 dollars. 

The question is: What the heck is an NFT?

Non-Fungible Tokens are a unique digital representation stored in a decentralised network through blockchain. At the core of NFTs, they are a way to securely document and track ownership. Whether it’s a jpeg or other digital media, NFTs enable you to claim ownership of it. 

So, is it a scam? No, but there is a lot of hype at this point in time.

Youtuber and documentary creator Johnny Harris, said it well: “Yes, it’s hype. But it could change our world.” in his video: NFTs, Explained

By the end of 2021, about 24 Billion dollars have been spent on this market. When the hype of digital media dies out, what will be left? The technology. 

While NFTs could be severely overpriced and likened to gambling more than investing, the technology could open up more serious advantages like unfakeable university degrees or streamlining real estate ownership and documents. 

The Economist broke down the origins, the hype, the technology, and the future of NFTs in their video: What are NFTs? | The Economist

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