We have all heard the stories of young kids selling NFTs for some amazing amount of money. As someone who enjoys investing in art NFTs and is launching an NFT for race cars and art, I put together this article to help demystify NFTs.
NFTs are non-fungible (i.e., unique) tokens that are minted on a blockchain using cryptocurrency. These NFTs can be art, music, collectible images, sports video snapshots, etc. A popular idea is linking a digital art piece to supporting a charitable organization, for example, Girls Who Code. This is a charity that intends to close the gender gap by helping young women become software engineers.
NFTs are a popular use of blockchain technology, and while many may see it as a passing fad, it is helping to bring knowledge of blockchain technology to the masses with an additional use case.