Non-fungible tokens. What are they? Why are they important? Everyone everywhere seems to be slightly confused on what these are exactly. We recently wrote a blog on the metaverse and what it is so now we want to dive into this topic of NFT’s a little deeper. Upon our searching, we found one of the best descriptions of what an NFT is exactly. Think of them as trading cards. Each one is different from the other and there is only one original that can be bought. Each NFT is created of a specific blockchain unique to itself. Though this original can be reproduced and sold, there will still only be one true original, such as piece of art in a museum. Think about it, you can go to the gift shop after your visit and buy postcards with the painting you just looked at on them but the only true original will be the one hanging on the wall. So, what’s the big deal? Why would someone want to buy one of these things? Well, it seems that it is geared toward creatives and collectors. Anything digital can be sold as an NFT. Art, digital design, articles, music, virtual trading cards and even gaming supplies such as helmets, armor, guns, etc. Gaming was actually one of the first places that you could buy an NFT. An NFT’s value is expected to increase over time just like that of a trading card. Also, the owner will make percentages off of copies made and sold just as in the real world. Artists can make money off of their digital NFT art and buyers can purchase one of kind art in hopes that the value will increase over time just like in the real world of buying and trading art. “Some think this is the future of art but some just treat it like trading Pokémon’ cards” (The Verge). Either way, it could be another stream of revenue for artists and creatives alike. I guess we will just have to see where this goes.
