What On Earth Are NFTs & How Do They Work? Here's What You Need To Know

People are selling digital art for SO much money.
What On Earth Are NFTs & How Do They Work? Here's What You Need To Know
Lindsay Lohan | Twitter
Contributor

If you've been hearing recent buzz about digital art, you're probably asking yourself "what are NFTs?" Don't worry, you're not alone. 

Celebrities have been selling digital assets called NFTs, short for Non-Fungible Tokens, and it's generating some serious buzz. 

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Non-Fungible means something can't be replaced by anything else as it is the authentic, original version of a digital asset. 

An NFT can still be copied, downloaded, and shared by others online, but actual ownership is tracked and stored on a blockchain, more or less the same way cryptocurrencies work. What you’re buying, essentially, is proof of ownership. For instance, Lindsay Lohan sold a digital photo of her face for $17,000, and someone else sold a spinning gold gummy bear skeleton for $1 million.

This could be the future of art or it could be a trend. Regardless, celebrities, influencers, and average Joes like you and me have been hopping on the bandwagon and betting some big money on NFTs. 

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  • Britanny Burr
    Britanny Burr was a Staff Writer at Narcity Canada, who drove growth within Narcity's Western coverage and readership. Having lived between her hometown, Canmore, Alberta and Calgary, Montreal, Vancouver, and NYC over the past 10 years, she is obsessed with finding the best local hot spots. She holds a B.A. in English and has over six years of professional writing experience as Head Writer and Editor for YUL.Buzz in Montreal, and Creative Copywriter at JAKT in NYC. News by day, poetry by night — the written word is Britanny's nearest and dearest.

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