WHAT IS AN NFT? WHAT DOES NFT MEAN?

” That’s the feeling I’ve had from reading about Grimes getting millions of dollars for NFT or about Nyan Cat sold as one. And by the time we all thought we knew what the deal was, the Twitter founder put up a tweet signed as NFT for sale.

Perhaps she is wondering: what is an NFT, anyway?

Okay, let’s start with the basics:

WHAT IS AN NFT? WHAT DOES NFT MEAN?

Non-expendable token.

That does not make it clearer.

Good, sorry. “Non-expendable” more or less means that it is unique and cannot be replaced with something else. For example, a bitcoin is fungible: exchange one bitcoin for another and you will get exactly the same. However, a one-of-a-kind trading card is not expendable. If you were to trade it for a different card, you would have something completely different. You gave up a Squirtle and got a 1909 Honus Wagner T206, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take his word for it).

How do NFTs work?

It is worth noting that other blockchains may implement their own versions of NFT. (Some have already done so).

What is worth buying at the NFT supermarket?

Dogecoin is not an NFT. But this GIF of a dogecoin is. GIF: NyanCat on OpenSea
You mean people buying my good tweets?

I don’t think anyone can stop you, but that’s not really what I meant. Much of the conversation is about NFTs as an evolution of fine art collecting, with just digital art.

(Side note, when we came up with the line “buying my good tweets,” we were trying to think of something so silly it wouldn’t be real. So of course the founder of Twitter sold one for just under $ 3 million. . shortly after we published the article).

Do people really believe that this will become an art collection?

I’m sure some people really expect it, like whoever paid almost $ 390,000 for a 50-second Grimes video or the person who paid $ 6.6 million for a Beeple video.

Sorry I was busy right clicking on that Beeple video and downloading the same file the person paid millions of dollars for.

Wow, rude. But yeah, that’s where he gets a little awkward. You can copy a digital file as many times as you like, including the artwork that comes with an NFT.

But NFTs are designed to give you something that cannot be copied: ownership of the work (although the artist can still retain copyright and reproduction rights, just as with the physical work of art). To put it in terms of a physical art collection: anyone can buy a Monet print. But only one person can own the original.

There is no shade for Beeple, but the video is not really a Monet.

What do you think of the $ 3,600 Gucci Ghost? Also, you didn’t let me finish sooner. That picture that Beeple was auctioning at Christie’s ended up selling for $ 69 million, which, by the way, is $ 15 million more than the Monet Nymphéas painting sold in 2014.

The latter sold for $ 3,600, but the current owner is asking for $ 16,300. Trevor Andrew GIF
Whoever got that Monet can appreciate it as a physical object. With digital art, a copy is literally as good as the original.

But the flexibility of having an original Beeple …

I think I remember hearing that the NFTs are over. Didn’t the boom collapse?

But surely you have heard of penguin communities?

Communities of penguins?

Okay so … people have built communities based on things they own, and now it’s happening with NFTs. One community that has been extremely popular revolves around a collection of NFTs called Pudgy Penguins, but it is not the only community built around tokens. It could be argued that one d