What on Earth are NFTS?


Just because you screenshot this does not mean you own it, somehow.

Javier Arredondo, Editor

Many people may have asked the same question, as this thing many do not know has emerged in recent months: what in the world is an NFT? The short answer is it is a Non-Fungible Token. But what is a non-fungible token? 

  This essentially means it cannot be traded for anything like it. Money is fungible; you trade a dollar for a dollar and you still have the same amount of money. If you trade an NFT for another NFT however, you will get a token with different value. The token part is simply digital art. That is what an NFT is, digital art, and each piece of art has different values. Many people have heard about NFTs going for millions of dollars and also asked, why are people buying digital art for so much? 

  You might also ask the same question for a Jackson Pollock painting, if you’ve ever seen one. People with so much money will have no problem dropping large amounts of money on these pieces of art, and collecting them to have bragging rights about owning them. 

  The problem with digital art is, what prevents me from taking a screenshot and saying I own one? Nothing, but just because you have a picture of one somehow does not mean you are the rightful owner of this art, the real piece can only be transferred to another person digitally. 

Many people may still be confused on what an NFT is or why it holds such high value, so they reject the idea of it. Other avid crypto traders might tell people to get with the times, however, and maybe one day buy an NFT.