If you follow news about technology, sports or the art world, you have probably seen the term NFT, or Nonfungible Token. They’re a new way to turn digital images, videos or sounds into money for the creator, and digital collectibles for buyers. Right now there’s an NFT gold rush going on, with artists, tech moguls and even the NBA cashing in.
Tech expert Omar Gallaga told Texas Standard that NFTs are authenticated by the blockchain – the ledger that tracks the value of cryptocurrencies like Bitcoin and Ethereum. Artists, sports figures and tech moguls have sold NFTs that represent artwork, or even the first Twitter message ever posted.
Highlights from this segment:
– The digital contents of an NFT can be copied, but owning one is like possessing an original artwork or classic baseball card, rather than a duplicate.
– To trade in NFTs, collectors need to use cryptocurrencies like Ethereum.
– Even unknown artists and other content creators can sell NFTs of their work, cutting out intermediaries.