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What the heck is an NFT?

Short Summary:

NFT stands for Non Fungible Token, at a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos. NFTs can be considered modern-day collectibles. They’re bought and sold online, and represent a digital proof of ownership of any given item. NFTs are securely recorded on a blockchain — the same technology behind cryptocurrencies — which ensures the asset is one-of-a-kind. By creating an NFT, creators are able to verify scarcity and authenticity to just about anything digital. To compare it to traditional art collecting, there are endless copies of the Mona Lisa in circulation, but there is only one original. NFT technology helps assign the ownership of the original piece.

NFTs are very hard to explain and most people do not understand them whatsoever. They can’t wrap their head around the fact that people are paying thousands “just for a JPEG”. They screenshot your NFT and say, “HA I got it for free, you NFTs guy are idiots”. People like this are probably the same people that thought the internet was a fad and it would not workout. See when someone does not understand something, it irritates them to the point that because THEY cannot understand it, then therefore it is stupid, and they go against it. Sure, you can screenshot it, but you do not own it. I can take a picture of the Mona Lisa, but I do not own it. The person that owns the Mona Lisa can take a sense of pride in that. Same can be said for a Rolex. You can buy and wear a fake Rolex, but it will never give you the same feeling and satisfaction as if you were wearing a real one. People love to flex their NFTs as rapper do with jewlery. Heck if someone screenshotted my NFT and used it, I would actually be flattered. It’s them basically saying they wished they owned it but can’t afford to 😉 If you still don’t understand, don’t worry, I’m more of a visual learner too and have some links to some great videos below!

Short Youtube Video

Video #2

Video #3

Reddit Disscusion

Explanation straight from Ethereum themselves

Gary Vee

This last link is Gary Vee, one of the biggest “influencers” in the NFT space. Once you get the basics down, he is a great person to start listening to. He gives great information on the bigger picutre of NFTs and how they will be integrated with a lot of different things in the future. If you are looking for a community to join and ask questions or bounce ideas off of, I’d suggest Bangsta Bears. This is where I personally got started in my journey and have gained a wealth of knowledge from!

If you’d like to learn more, join this discord 🙂

Austin Erkl is a Columnist at Disrupt Magazine, a Serial Entrepreneur and an Author. He is based in Florida and has a Bachelors Degree in Business Management. His companies have been featured on Yahoo, Bloomberg, Benzinga, MarketWatch and more!

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