What’s an NFT? It’s What Makes GIFs Worth Big Bucks
We’re hearing a lot about NFTs lately with artists selling new music and fan experiences through non-fungible tokens.
But what does that mean?
According to Bloomberg, you should “think of them as digital certificates of authenticity.”
A non-fungible token, or NFT, is a unique, irreplaceable identifier created by an algorithm: A distinct barcode for a digital piece of art or collectible
But how do they work?
When an artist wants to sell a work, they create, or “mint,” a NFT that will from then on stand as a claim on ownership for the piece.
What can you buy and sell as an NFT?
NFTs can be used for anything, including physical objects. There’s also a burgeoning market for sports collectibles. Even digital assets like tweets can be sold as NFTs. Twitter Inc. co-founder Jack Dorsey has put an NFT representing the first message on the platform (“just setting my twttr”) on the auction block.
