A DEEP DIVE INTO
Confused About NFTs?
The ABCDs of NFT and how they work
36 key ideas from
1 podcast
5 articles
It takes just
6 mins to read
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Skills
Overview
Key Ideas
FAQ
What you'll learn
How to create and sell NFTs
The future of NFTs
The benefits and drawbacks of NFTs
Understanding NFTs
3 Top Key Ideas (36 total)
What the heck is an NFT?
Non-fungible token.
That doesn’t make it any clearer.
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A NFT is like:
You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.
What about piracy?
You can copy a digital file as many times as you want, including the art that’s included with an NFT.
But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
The value of NFTs
NFTs have no physical or tangible value. The technology of NFTs codifies and enforces a metric of scarcity on a digital file.
- Functional value (What can I use this for?)**:** Most of the discussion around NFTs is about how you will use the NFTs, show people your cryptocurrency wallet, and your taste in art or music.
- Hedonic value (How much do I like this thing, in and of itself?)**:** Things that were once treated as interchangeable on the digital space, like a virtual collectable, are existing with the added value of where you got it from.
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