Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
Non-fungible token (NFT)
- In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
- If something is non-fungible, it has unique properties and cannot be interchanged with something else, such as a house, the Mona Lisa painting, etc. Non-fungible is a fancy word for unique
- NFTs are distinct assets in the digital world. They can be bought and sold like any other property, but they have no tangible form.
- The digital tokens are like certificates of ownership for virtual or physical assets.
136
1.76K reads
How NFTs work
Traditional art is valuable because they are unique. But digital files can be duplicated.
With NFTs, artwork can be "tokenised" - a digital certificate of ownership that can be bought and sold. A record of who owns what is stored on a shared ledger known as a blockchain.
NFTs are unique digital tokens cryptographically sealed on a blockchain, and valuable within its ecosystem.
113
1.43K reads
NFTs can be compared to autographed work
Nothing is stopping people from copying digital art. But the buyer of the NFT owns a "token" that proves they own the "original" work.
People are paying millions of dollars for tokens.
- On 19 February, an animated Gif of Nyan Cat sold for over $500,000.
- Weeks later, musician Grimes sold some of her digital art for over $6m.
- Twitter's founder promoted an NFT of the first-ever tweet. Bids are hitting $2.5m.
- Christie sold an NFT by digital artist Beeple for $69m.
112
1.25K reads
NTFs: Many are sceptical
Beeple (Mike Winkelmann) thinks there will be a bubble.
People selling the NFTs are "crypto-grifters", David Gerard, author of Attack of the 50-foot Blockchain, said. While some artists are doing great on this stuff, most people probably won't.
102
1.38K reads
IDEAS CURATED BY
"Making money is art and working is art and good business is the best art." ~ Andy Warhol
Alexis T.'s ideas are part of this journey:
Learn more about crypto with this collection
The differences between Web 2.0 and Web 3.0
The future of the internet
Understanding the potential of Web 3.0
Related collections
Similar ideas
16 ideas
Creating Your First NFT: A Beginner’s Guide to Minting NFTs
mastercreta07.medium.com
9 ideas
What Is Crypto Art And How Does It Work?
eden-gallery.com
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates