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You're probably thinking the same thing: The rate at which NFTs are growing in popularity is absolutely astonishing. Yet, with the acronym spreading across social media and media outlets, it seems to also be common that no one knows what the hell it is.
Well, for starters, NFT stands for “non-fungible token.” Something that is “fungible” is unique in nature and can’t be replaced with something else. This is where a lot of confusion comes in. NFTs are all digital, and if something is digital, how is it not also both replicable and replaceable?
In the digital world, anyone can make a copy of anything, and the copy is just as good as the original. I can take a screenshot of a picture of a bird and my new photo becomes an exact replica. If I were ever in a battle of “who took the picture,” it would be difficult for a third party to decipher the difference between the two. Well when it comes to NFTs, this is no longer the case. Backed by the same technology that powers cryptocurrency, NFT’s are heavily encoded to provide buyers with exclusive ownership rights. Pretty cool, right?
But wait, there’s more. With NFTs growing in population, artists, or really anyone, can sell these gems at ridiculous rates. Jack Dorsey, the CEO of Twitter, turned his first tweet from 2006 into an NFT and sold it for over $2.9 million.
With popularity increasing, investors everywhere are taking advantage of this opportunity. Hip-hop superstar and business mogul, Waka Flocka, joined a 100% minority-owned NFT platform, Satoshi Art, in order to educate the public about NFTs and provide a global platform for minority creatives to gain financially.
“The largest benefit that our artists receive is that I don’t look at them as a big pile of money. I see us all holding the bag of money together. And if you jump, you gone have a Satoshi parachute on,” Flocka explained to me in an interview.
By partnering with cryptocurrency genius and entrepreneur, Stally, and former hedge fund manager, William Wang, the trio has embarked on a journey that gives a voice and opportunities to artists wanting to take advantage of the possibilities that come with NFT’s.
“We want artists to have a healthy drop. We want them to maintain sustainability and longevity. We want to do more than just give them a platform and a marketplace to drop their NFT’s, we want to educate them”, Stally expressed. “We want to give every artist the chance they deserve, and I really believe we can do that with Satoshi.”
The hype that’s building up around NFTs has many of us wondering if this is something that we should give our attention to. Just as you would do with any investment, do your research and consider the risks involved.
