Member-only story
NFTs were the talk of the town for the majority of 2021, and for a good reason; every person and their grandma were trying to profit from seeing so much hype about 1000% gains. A lot of other people were pretty confused as to what NFTs are and how a “JPEG” with some code behind it could be worth so much.
We’re here to help you understand exactly what NFTs are and why they’re not just pixelated monkey pictures. Here’s everything you need to know.
What Is an NFT?
So, according to the Collins dictionary, an NFT is “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible.”
So, for example. If you owned an original video file such as your wedding video, this could be digitized and created in an NFT, meaning that whichever wallet address that holds this NFT is the sole owner, and there is no other file like it in existence. Non-fungible means unique and cannot be traded like you could with a cryptocurrency.
NFTs aren’t exactly new either, they’ve been kicking around since 2014, and it’s only recently that they’ve become a popular way to buy digital art.
According to CNBC, trading volume for NFTs hit a staggering $17 billion in 2021, increasing 21,000% from the…
