You wouldn’t pay millions of dollars for a screenshot of the Mona Lisa from Google Images. But the original hanging in the Louvre is priceless, because there’s only one of those.
Now apply that logic to digital files, and you can understand NFTs.
Yes, people are spending millions of dollars for images of things you can see for free. That’s because blockchain technology has made it possible to identify digital originals called NFTs, or Non-Fungible Tokens.
They’re not made of earthly material like canvas and paint, but they’re unique — and therefore valuable.
NFTs are a booming (if hard to understand) business. But like any collectible — think baseball cards, action figures, comic books — the value of an NFT isn’t inherent. It’s perceived.
Today, we discuss what NFTs are, and whether you should invest in them. And, we warn you about the inevitable NFT scams that are all too easy to fall prey to. Click Play!
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