NFT stands for “Non-Fungible Token.” Something “fungible” can be replaced by something else. For example, money is fungible; you can swap a $10 bill for another $10 bill, and they will have the same value. However, a painting like the Mona Lisa is a non-fungible item. If you replace the Mona Lisa with another painting, it becomes an entirely different piece of art. NFTs follow a similar concept. While many people might consider NFTs only to be digital paintings created by artists, they can also be other digital assets such as music, text, or video.
Bored Ape #3749 is part of the Bored Ape Yacht Club collection and recently sold for $2,807,016 / 740 Ξ.
NFTs have been around since 2014, but they entered the mainstream around 2021. Most NFTs belong to the Ethereum blockchain. They take a form similar to an auction, where their value increases as they are traded among people. The key is that the blockchain tracks who owns and trades the NFT. This is why, even though you can download the images above from the internet, you are not the owner of the images.
NFTs have begun to evolve into something much larger than simple collectible art pieces. They are especially frequently mentioned alongside the metaverse lately. For reference, the metaverse is a network of digital worlds focused on social interaction.
How exactly does the metaverse connect with NFTs?
Imagine, for example, that you have your avatar in a fully 3D metaverse world. You can use it to move around within the world and interact with others virtually. Now, if you own an NFT, that NFT can become your avatar; it is unique, and no one else can have the same one.
One example is the Curious Ape Street Club, an NFT PFP series that Disrupt participated in.
The company behind this project is not just focusing on creating 3D characters, but on building an entire virtual 3D world where these NFTs can be used as avatars.
NFTs are becoming increasingly widespread, no longer limited to artists and collectors, as various companies begin creating them for various reasons. But how can you use NFTs for business? That will be the topic of another post. 😜
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