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.
We sold out 100/100 editions of my recent NFT on @rariblecom for a total of 45.4 ETH! I have donated part of it to… https://t.co/JUAEUhFcA4— Lindsay Lohan (@Lindsay Lohan)1615135480.0
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.