Naysayers may argue that NFTs are not physical and therefore are not valuable assets....I would counter that your memories are intangible and certainly the most priceless item you can own. - Gerry Barker
You have probably heard of NFTs and may or may not be comfortable with the concept. There are so many excellent
explanations on this topic that we decided to share some of the best ones. As you can see the world of NFTs is
almost exclusively today devoted to artwork:
What are NFTs?
Many people have envisioned NFTs as a crucial lifeline to tens of thousands of artists that need a way to showcase
and sell their work. By using NFTs, artists are able to create and sell a “digital canvas” in a tokenized format
that can be uniquely owned. Why is this important? Because being the true owner of anything is considered to be
valuable in our world of collectors! Just think if you saw the original of Van Gogh’s “Starry Night” painting
amidst thousands of copies. No one would be able to spot the original…. but knowing the original immediately
gives it tremendous value—maybe hundreds of millions of dollars vs. a few dollars for the copies.
This might be a hard concept to wrap your mind around, but those in the digital space do understand that this uniqueness can
be digitized as an NFT--- a Non-Fungible Token. NFTs (or “non-fungible tokens”) are a
special kind of crypto asset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar
bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate
ownership of digital assets like artworks, recordings, and virtual real estate or pets. However, the uniqueness
of an NFT is that it can’t be something else…. and is the original.
The blockchain concept is also difficult to understand but a great analogy might be the title to an automobile.
As the car is sold to new buyers, the title changes hand. Wouldn’t it be great if there was a chain—a unique, fully
verified, impossible to steal or forge—chain that linked every owner to the next. In essence, this is what the