NFT- what’s that now?

What’s NFT?

For us non-techy people the definition of an NFT is non-fungible token.

Wait- what’s non-fungible?

Non-fungible basically means that its unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you trade it for a different card, you’d have something completely different. NFTs can really be anything digital (such as drawings, music, your ideas turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.

Some examples of what’s currently being sold:

  • Trading Cards
  • Music and video clips
  • Video Art
  • Tweets

NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Picasso print. But only one person can own the original.

If anyone watched the SuperBowl you can see that between crypto currency and NFTs- these are the latest rage. In fact, each Super Bowl attendee was issued a unique virtual ticket as NFT, stating their respective row, section, and seat number. In addition, to commemorate the Super Bowl’s previous event appearances in LA, the league will also be unveiling a unique series of seven “historic” NFTs. A new NFT was said to be dropped each day starting from February 6th until February 13th, 2022. The final NFT, which dropped on February 13th, was designed exclusively by a local Southern California artist and will feature the current Super Bowl LVI ticket artwork. 

Judging by the commercials and the celebrity endorsements, looks like this may be legit in fact, major brands like Budweiser Gucci, Adidas, and Burberry are just a few  of companies going down the NFT route. Last month, Walmart said it is going to offer digital versions of products in the form of NFTs through virtual, metaverse experiences, all paid for with a Walmart token.

“This [trend of NFT launches] is absolutely going to continue,” said Akbar Hamid, founder of 5th column, a creative agency. It is ” an incredible way for brands to really get to know their consumers and build an even closer relationship.”

We shall see!