WTF are NFTs? And why are they currently so important?
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At this point, you must be thinking WTF are NFTs? Well, let us shine some light on what non-fungible tokens (NFTs) really are.
Remember back in the late 1990s when you would buy a pack of Pokemon cards? NFTs are kind of like that but completely digitized, meaning any digital asset such as a video, art or music can be bought and sold on NFT marketplaces, just like trading cards.
The difference is that NFTs are unique, irreplaceable and provide exclusive ownership on the blockchain, which is what all the hype is about.
Essentially, you get to own a piece of digital work that no one else can possess. Depending on its value in the NFT space, you can choose to keep it as a collectible or trade it for a profit.
The digital assets of an NFT can unfortunately be duplicated as easily as dragging and dropping a jpeg on to your desktop, but the point is the actual ownership is carved in stone in the blockchain. It’s like the Mona Lisa: there can be hundreds of copies but there is only one original, and it belongs solely to the French.
