Non Fungible Tokens (NFTs)

Non Fungible Tokens (NFTs) are an emerging form of digital goods which are unique and whose ownership can be verified. They are built on the blockchain technology which powers crypto currencies like Bitcoin and Ethereum.

The idea is similar to owning an original work of art in the physical world. An NFT can be an image, song, video, or any other form of digital asset. There is an emerging market for these kinds of assets. For instance an NFT of the first tweet by Twitter boss Jack Dorsey recently sold for US$ 2.9 million. Another piece of art from an artist called Beeple sold for $69 million. There is an explosion of such digital assets online. This represents a big opportunity for anyone in the creative space.

In the future people are going to own such digital assets instead of cows and land titles. So it is wise to try and understand them now before it is too late to enter the game.

Either way you earn some bragging rights from your peers if you’re able to explain what the hell NFTs are?

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