NFTs

NFTs

Neely Burns, Editor in Chief

Recently, NFTs, or “non-fungible tokens,” have taken the crypto-world by storm. Whether you’re an avid supporter of these tokens, a bit cynical, or outright disdainful towards them, there is no denying that they must be talked about.

First, what exactly is an NFT? Mitchell Clark from theverge.com explains exactly what these “non-fungible tokens” are by saying, “‘Non-fungible’ more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.” Essentially, NFTs are images or videos with specific “non-fungible assets” that mean there is technically only one copy of each NFT. These images or videos are bought and sold on sites such as OpenSea, Rarible, and Nifty Gateway.

By this point you may be wondering why, although these NFTs are a bit silly, people hate them so much. First, the primary premise of NFTs is flawed. Although technically only one person can own an NFT due to the non-fungible asset, if someone truly wants the image of a monkey that a NFT buyer owns, they can simply screenshot it rather than paying millions of dollars to buy it.

Clearly, there is a great deal of controversy in regards to NFTs. They are a unique aspect of our society, but one which does not appear to be going away any time soon. Best of luck to those choosing to buy NFTs, and invest safely!