What Is an NFT? And Why Are They So Important?

When the American digital artist known as Beeple sold a digital artwork at Christie’s Auction House for over $60 million, it became the most expensive NFT ever sold at an auction. It was a metaverse moment that crystallized the hype surrounding this new form of digital media. But what exactly is an NFT and why are they so important?

NFT stands for non-fungible token and is essentially a unique and noninterchangeable unit of data stored on a digital ledger such as the blockchain. These tokens can be linked to anything from art, texts, video or even bits of code. So, what does this have to do with the metaverse?

In episode 6 of Adweek’s Metaverse Marketing podcast, we will explore the rise of non-fungible tokens, how they have impacted the worlds of art, fashion, collectibles, and real estate, their place in the metaverse, and how they can unlock new opportunities to engage with audiences, as well as new revenue streams.

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