NFT directly means Non-fungible token. At its core, the phrase “non-fungible” means that it can be replaced by something else — the item is one-of-a-kind. In short, this is what gives NFTs their value over time.
Remember those pokemon cards, rare Gundams, or beanie babies that you used to collect as a kid? In a lot of ways, NFTs are the digital version of that. An NFT is a digital asset that represents ownership of one-of-the-kind
items. A song, meme, a piece of art, voice-recording, just about anything can be minted into an NFT.
Sure, people can copy and share that lovely Nylon Cat GIF that you have an infinite amount of times across the internet.
What makes an NFT special is that allows you to prove that you own the original GIF. Simply put, while everyone is hanging up posters of the Mona Lisa in their homes, you have the original and proof that it is the original.
Amid the massive explosion in interest in NFTs, it seems everyone and their mother is getting in on the Non-fungible. Digital creators minted beloved historic internet memes like Nylon Cat or Charlie Bit My Finger.
Digital artists like Beeple have gone on to create NFT art, making tens of millions of dollars in the process, with works such as the First 5000 Days. Nike has even recently gotten into the business of creating NFTs.
NFTs are used to represent ownership of unique items. They can be empowering tools for digital artists who may worry about someone stealing or copying their work.
Yes & No. Like any other collectibles-wave, what you invest in, should always come down to your interests. The hype around NFTs is at an all-time high but inevitably that bubble will burst. But the chances of you getting rich off of NFTs are slim. If you love Nike Dunks and there are Nike Dunk NFTs, go ahead and cop a digital pair. Just be wary of who and where you are buying from. There are a lot of NFT scams out there.
Some of the best NFT marketplaces include AsyncArt, Axie Infinity, Crypto.com, Mintable, OpenSea, Zora, ThetaDrop, NBA Top Shot, and Rarible.
Digital artist Kevin McCoy minted the first known NFT dubbed Quantum on the Namecoin blockchain.
Meme slowly becomes some of the common forms of NFTs with the newly created Rare Pepes NFTs becoming the most popular.
NFTs slowly become mainstream. Two software developers John Watkinson and Matt Hall follow in the footsteps of Rare Pepes can create their own generative series of NFTs called Cryptopunks. Many of the NFTs in their series will go on to sell for millions.
Due in part to the rise in Cryptocurrencies, NFT demand reaches an all-time high.
Wikipedia Founder Jimmy Wales’ iMac & NFT sells for nearly $1 million.
Cole Buxton’s first NFT lets people own a piece of the creative process.
Tikk Tok’s first NFT is a viral Lil Nas X video
A Baby Birkin NFT ends up selling more for the real thing.
Sotheby’s auctions off the first NFT ever.
“Disaster Girl” sells her viral meme for $500,000
Takashi Murakami releases Nintendo-inspired NFT Artwork.
Tiffany & Co. Cryptopunk NFT create wearable jewelry.
colette x Dour Darcels announce a collection of 25 unique NFTs.
BAPE gets into the NFT space.
In collaboration with RTFKT, Nike Cryptokicks confirms the rumors were true about Nike exploring sneaker NFTs with the unveiling of the Nike Dunk Genesis.
Our Highsnobiety team collaborates wth Geoffrey Lillemon on a series of NFTs.
MCQ’s debuts its first NFT collection.
adidas steps into the Metaverse with its freshly minted NFT collection.