What Are NFTs?
So here's something new that my intern alerted me to last week: NFTs. Now you may be asking yourself (just like I did), what are NFTs? NFT stands for non-fungible tokens, which in itself, still doesn't quite answer our question. According to Forbes, an NFT is "a digital asset that represents real-world objects like art, music, in-game items and videos."
So again, what does that mean? Basically, you have a digital asset such as a cat GIF. You purchase that GIF from the creator for say, $100,000, usually in cryptocurrency. You now own that asset. But you may be asking yourself one of several questions:
Why buy it?Why does it cost so much?If it's already spread across the internet, how do you own it?What's the point?!
I'm still struggling with understanding this whole NFT thing....