NFTs are certainly a trending topic right now and something we’re going to hear about more throughout the year. It stands for non-fungible tokens, which are essentially digital assets (images, music, code, contracts) that live on a blockchain and therefore can be said to have value due to their uniqueness. In the short term, this is creating new ways for some hardworking people to make a lot of money. For example, singer Grimes, who sold works of art like NFT for $6.6 million, or the NBA, which generated $230 million in baseball (basketball?) video sales, clips in their Top Shot market.
Some people called them “digital collectibles” because, unlike most digital files, they cannot simply be duplicated and copied. In short, it brings into play the economic principle of scarcity for the first time in the realm of digital assets. While it may seem like fun at the moment, the technology could have far-reaching implications.
NFTs are certainly a trending topic right now and something we’re going to hear about more throughout the year. It stands for non-fungible tokens, which are essentially digital assets (images, music, code, contracts) that live on a blockchain and therefore can be said to have value due to their uniqueness. In the short term, this is creating new ways for some hardworking people to make a lot of money. For example, singer Grimes, who sold works of art like NFT for $6.6 million, or the NBA, which generated $230 million in baseball (basketball?) video sales, clips in their Top Shot market.
Some people called them “digital collectibles” because, unlike most digital files, they cannot simply be duplicated and copied. In short, it brings into play the economic principle of scarcity for the first time in the realm of digital assets. While it may seem like fun at the moment, the technology could have far-reaching implications.