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What are NFTs or non-fungible tokens?
NFTs are the latest craze to ignite the Internet. Lucky for you, here’s Finnovating to explain what exactly are they.
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If you’re an habitual internet user, you’ve probably heard by now about the newest craze that’s been in everyone’s mouth: NFTs. NFTs are unique crypto tokens that are quickly becoming increasingly popular among digital artists, gaming companies, and investors. Over the course of last year, the term has become more common in broader culture and made digital asset ownership a more widely-known concept.
But the concept of NFTs has attracted very polarizing options, ranging from the extremely positive to the extremely negative. Depending on whom you ask, they’re either the new way of online ownership or just one big cynical and environmentally disastrous scam. In spite of that, the NFTs industry has surged to billions of dollars in monthly trades. The NFT market is booming in early 2022, with estimates easily exceeding $ 1 billion in transactions.
But what exactly are they? Its acronyms mean non-fungible token, and they aren’t just JPEGs, profile pictures, pixelated faces, a sports highlight turned into a digital collectible, or a cartoonish in a video game. Those are things that an NFT can represent.
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An NFT is basically a blockchain-based token that proves that you are the sole proprietor of a unique digital item—and it can be anything you want. Smart contracts, or the code that powers NFTs, allow the selling or transferring of an NFT, set perpetual royalties for artists, use assets within games and metaverse worlds, and more.
The environmental impact of Ethereum continues to dominate the narrative around NFTs, even for collectibles and assets mined on less-energy-intensive blockchain platforms (like Solana), plus scams and exploits continue to flourish across the crypto industry, creating a big backlash against NFTs in social media.
Despite the backlash, many industries and famous persons have promoted NFTs. Members and owners of Yuga Labs’ Ethereum-based NFT project, Bored Ape Yacht Club, include big names like TV host Jimmy Fallon, athletes including Stephen Curry and Shaquille O’Neal, and musicians like Marshmello and Post Malone. Bored Ape NFTs have now generated more than $750 million worth of trading volume, including subsequent variant sets, per data from CryptoSlam. And they are increasingly the Twitter NFT avatar of choice for athletes, musicians, and more. Buying a Bored Ape Yacht Club NFT grants access to the titular “club” of sorts, and membership has benefits.
So, now that you know they’re worth and what they are, are you interested in investing in this industry? Or do you think the backlash has some merit? Be sure to leave us a comment below.
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