An Update on Non-Fungible Tokens (NFTs)

Fungible means that something can be traded for itself. For example, you can trade one BTC for another BTC, you can trade a dollar for another dollar, and you can trade a one-ounce gold coin for another one-ounce gold coin.   

 

Non-fungible means that you cannot trade something for itself. For example, Leonardo DaVinci’s Mona Lisa painting is non-fungible—you can’t trade it for another Mona Lisa.

 

NFTs or non-fungible tokens are blockchain-minted artworks with unique encryption codes which allow for verified authenticity and ownership. An NFT can represent anything from a digital art piece to a song or cartoon, sports card, or a whole album. Even fashion designers are getting in on the NFT craze.

 

More than 509,000 NFT artworks were sold in March 2021 alone, totaling more than $85 million in sales so it's kind of a big deal. If you want, you could draw a stickman on a sticky note, take a picture of it and upload the jpeg as an NFT.

 

Elon Musk’s girlfriend, Grimes, a Canadian musician, singer, songwriter, and record producer learned about NFTs recently. As a result, she promoted one on Twitter and then made $6 million selling it in about 20 minutes.

 

Author: Dr. Van K. Tharp

 

Profits from games of knowledge: https://www.predictmag.com/ 

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