NFTs – What is all the hype about?

Source: Twitter

Seth Gellman

You may have heard about NFTs over the last few months. They’re blowing up and the ultra rich are all over them. You might have heard of Grimes getting millions of dollars for one. A website that hosts auctions of NFTs, Mintable, is even endorsed by Mark Cuban, who is seemingly better known for being a billionaire than what he actually did to become a billionaire.

Before I get too far ahead of myself, I should probably explain what an NFT is. NFT stands for non-fungible token, which basically means that it’s a unique item and cannot be replaced by a replica. NFTs are usually classified as digital, but a more specific subset that many are interested in is digital art. Most of these NFTs are supported by an Ethereum blockchain. They can be seen as a collectible of sorts, and they are estimated to become more valuable over time.

NFTs aren’t only limited to digital art, though. For example, Jack Dorsey, the CEO of Twitter, sold an autographed NFT of his first tweet for $2.5 million. Eminem also made $1.78 million in NFTs, selling unique tracks that he made just for the NFT.

The easiest comparison to explain the uniqueness of an NFT is to modern artwork. You can buy as many copies of the Mona Lisa as you want, but there is only one true original Mona Lisa.

NFTs have taken the world by storm over the last few months. Millionaires and billionaires are joining the hype, and they look to be a new perspective on collectibles instead of traditional art. The hype doesn’t seem to be dying down, and their future will be interesting to watch.


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