Around about the time that Grimes pulled in a cool $6 million or so from a set of digital art she sold as part of the NFT gold rush that's captivated a certain subset of the digerati right now -- that's when I started asking myself, what in God's name is going on here?
"What is an NFT" is one of those kinds of questions that offer an answer but will leave enough people even more befuddled than they were when they started. NFT, in short, is an acronym for non-fungible token, which by itself tells most people absolutely nothing of any substance or meaning. Basically, NFTs are a mechanism whereby digital goods like Grimes' doodles are transformed into assets that are one-of-a-kind and tradeable on the blockchain. An explanation which, again, probably still leaves many of you with no idea what all this is about -- a little like how perplexed we all were watching shares of GameStop, of all companies, turn into the sexiest thing on Wall Street several weeks ago.
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Amazon shoppers are going nuts for this 22-piece screwdriver set on sale for just $22
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People are already making an insane amount of money from NFTs originally appeared on BGR.com on Fri, 26 Mar 2021 at 10:53:02 EDT. Please see our terms for use of feeds.
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