In the News
May 17th, 2021 // The Drum
What’s all the hype about NFTs? Jack X Futurist & Creative Associate Barbie Lam broke it down for The Drum – what they are, who’s buying them, who’s selling them and why brands and creators should care. Here is a quick excerpt. Please clickthrough to read the full article.
The buzz around NFTs has taken over the internet. If you haven’t heard, NFTs are digital collectibles that are changing the future of art collecting and more. Taco Bell, Mark Cuban, Grimes and even Gary Vee have jumped on the NFT bandwagon.
What is an NFT?
NFT stands for non-fungible token. Non-fungible means assets that can’t be substituted because of unique attributes. For example, the Mona Lisa – it is rare, one of one. NFTs are non-duplicable digital certificates of ownership for an assigned digital asset, like art, audio, video or items in video games. They are stored on a secure distributed database called a blockchain – the same decentralized digital ledger technology that underlies cryptocurrencies like Bitcoin and Ethereum. NFTs are publicly verifiable intellectual properties authenticated on the blockchain. Most NFTs are based on the Ethereum blockchain, but other blockchains also support NFTs such as Neo and Tron.