What are NFTs and why should I care about them?
I believe it is fair to say that NFTs (we’ll dissect the initials shortly) are mainstream. By now, many of us have at least heard the term “NFT.” Maybe you saw one of the crypto commercials during the Super Bowl, and a friend or family member said, “I think it’s an ad for one of those NFTs people are talking about.” Or maybe a client or intermediary has mentioned NFTs, looking for your thoughts on them as a potential investment asset class. Let’s cover the basics and consider some applications you may encounter even if you don’t dive headfirst into the NFT world yourself.
“NFT” stands for non-fungible token. An NFT is a unique (“non-fungible”) digital asset (“token”) that cannot be directly replaced by another digital asset. Some people hear or see the phrase “digital asset” or the word “token” and think NFTs are a kind of cryptocurrency. That’s understandable to a certain extent as NFTs and cryptocurrencies (such as Bitcoin) are based on blockchain technology. However, Bitcoin and other cryptocurrencies are fungible, just like cash. A dollar is a dollar is a dollar, right? Your dollar bill is worth the same as mine, and it doesn’t matter which specific dollar bill each of us holds. The same goes for Bitcoin. In contrast, each NFT is not directly replaceable. The exact token you possess matters.
Blockchain technology serves as the foundation for NFTs (many of which are based on the Ethereum blockchain network currently). A blockchain is one kind of ledger shared among multiple nodes of a computer network. Data is organized into a chain of blocks, resulting in a database that is recorded, unalterable, and distributed across various network points. These characteristics combine to make blockchain secure and therefore useful for tracking transactions and authenticating ownership of assets.
NFTs have existed for a number of years but have experienced a major surge in popularity over the past 12 to 24 months. In fact, the NFT marketplace was a billion dollar industry in 2021 as NFT sales volume topped out anywhere from $14 billion to $25 billion, depending on your preferred source.
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