NFTs explained
Are non–fungible tokens a money–maker or a bubble destined to burst?
YOU WILL LEARN
What NFTs are, why people are getting excited, and why others are urging to proceed with caution
NFTS AREN’T REGULATED.
IF YOU’RE HACKED OR
STOLEN FROM,
THERE’S NO NFT POLICE
YOU CAN CALL
SOME SENTENCES COULD only be written in 2022. Sentences like this: in January, art gallery owner Todd Kramer had his online collection of links to online monkey pictures stolen, costing him about $2.3 million. “All my apes gone,” he posted on Twitter, bereft. Welcome to NFTs.
WHAT ON EARTH IS AN NFT?
NFT stands for “non–fungible token”. A token represents something else, so for example a bank note is a token; it isn’t actually money, and in theory at least, you could go to your bank with all your bank notes and demand the bank change them for the gold they represent. An NFT is like that, but instead of a physical thing, it’s a digital note that says you own a thing on the web, and it’s stored in a big digital ledger called the blockchain.