By Matt Gregory, 9News | You have been seeing headlines about the Twitter founder Jack Dorsey selling his first tweet for millions, but what exactly is this NFT business? It’s the latest digital financial craze that people across the world have spent millions of REAL dollars on.
Question: What are NFTs?
Answer: It stands for “Non-Fungible Token,” a digital collectors’ item.
Sources: Moish Peltz, a digital intellectual property attorney from the law firm Falcon, Rappaport and Bergman, LLC and Dan Ackerman, senior editor and digital technology expert from CNET.
What We Found:
Let’s start basic. A fungible token is an item or currency like a dollar. It has an equal value somewhere in the world for it. A simple example is a paper dollar could equal four quarters.
By contrast, a Non-Fungible Token means the item is unique.
“Even if you have something that is functionally the same, it’s not exactly the same, so it doesn’t count,” Ackerman said of NFTs.
That sounds easy enough, but what exactly are these unique tokens?
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A similar comparison is like when a baseball player autographs a baseball card. It has more value.
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Some of our members might want to research the seller side. It’s at least worth knowing about, whether it turns into a form of collectible investment like baseball cards, stamps, rare records or autographed memorabilia, or ends up laughed at like the emperor’s new clothes.
Here are four article links with further information on NFTs. These look at possible problems with Non-Fugible Tokens:
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Here’s one for you about people doing business with NFTs and getting ripped off:
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– That huge Beeple bid was apparently made by an insider who is trying to hype the value of NFTs, which his company sells.
– Block Chain schemes, including NFTs and various cryptocurrencies, are impressively wasteful of energy via massive required computer crunching, adding to pollution and climate change.
The whole block chain universe seems pretty risky for buyers while risking damage to the atmosphere and oceans. But apparently potentially profitable for sellers who time it right.
There’s one fatal flaw when it comes to the future of NFTs
NFTs have been a point of overwhelming fascination in the music and art world, but the latest crypto-obsession m…[Thank you to Jamie Krutz, http://www.jamiekrutz.com and Alex Teitz, http://www.femmusic.com, for contributing these articles.]