There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” That’s the feeling I’ve experienced while reading about Grimes getting millions of dollars for NFTs or about Nyan Cat being sold as one.
In the year since NFTs exploded in popularity, the situation has only gotten more complicated. Pictures of apes have sold for tens of millions of dollars, there’s been an endless supply of headlines about million-dollar hacks of NFT projects, and corporate cash grabs have only gotten worse.
After countless hours of research and discussions (most of which were against my will), I think I know. I also think I’m going to cry.
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Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is
. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which
At a very high level, most NFTs are part of the Ethereum blockchain, though other blockchains have implemented their own version of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who’s holding and trading NFTs.
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Almost everyone spells it out, saying “en eff tee.” The brave call them “nefts.” The enlightened have never had the word cross their lips.
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
I don’t think anyone can stop you, but that’s not really what I meant. A lot of the conversation is about NFTs as an evolution of fine art collecting, only with digital art.
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Buy your good tweets. The founder of Twitter sold one for just under $3 million shortly after we originally posted this article.
Well, they’re pretty complex, but the basic idea is that blockchains are a way to store data without having to trust any one company or entity to keep things secure and accurate. There are definitely nuances and exceptions there, which you can read about in our blockchain explainer, but when most people say “blockchain, ” that’s the kind of tech they’re talking about.
There’s also... a lot of nuance about whether NFT’s are on the blockchain or not, which we’ll dig into in a bit.
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I’m sure some people really hope so — like whoever paid almost $390, 000 for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple. Actually, one of Beeple’s pieces was auctioned at Christie’s, the famou—
Wow, rude. But yeah, that’s the awkward bit. You can copy a digital file as many times as you want, including the art that’s included with an NFT.
But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
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What do you think of the $3, 600 Gucci Ghost? Also, you didn’t let me finish earlier. That image that Beeple was auctioning off at Christie’s ended up selling for $69 million, which, by the way, is $15 million more than Monet’s painting Nymphéas sold for in 2014.
Whoever got that Monet can actually appreciate it as a physical object. With digital art, a copy is literally as good as the original.
Sales have absolutely slumped since their peak, though like with seemingly everything in crypto there’s always somebody declaring it over and done with right before a big spike. Am I predicting that NFTs are about to make a comeback? Absolutely not, but I’m sure there are plenty of folks in NFT-based communities that are sure they’re still on the gravy train.
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If you haven’t heard about the Bored Ape Yacht Club, it’s one of the most successful NFT projects, with apes (which are procedurally generated and have unique characteristics) selling for millions of dollars. The company behind the series of NFTs has created a spin-off cryptocurrency, broken the blockchain for a few hours with how popular one of their sales was, and even acquired other massive NFT brands. And a reminder: this all happened because people really like saying that they own a picture of a Bored Ape.
People like, for instance, Jimmy Fallon and Paris Hilton, who discussed their apes on TV in a clip that went viral for being
/cdn.vox-cdn.com/uploads/chorus_asset/file/23603505/VRG_Illo_5265_M_Li_NFT_explainer.jpg?strip=all "NFTs, Explained: What They Are And Why They're Suddenly Worth Millions")
A new phenomenon — people have long built communities based on things they own, and now it’s happening with NFTs. It could be argued that one of the earliest NFT projects, CryptoPunks, got big thanks to its community.
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First off: I’m proud of you. Way to go. You might be interested in NFTs because it gives you a way to sell work that there otherwise might not be much of a market for. If you come up with a really cool digital sticker idea, what are you going to do? Sell it on the iMessage App Store? No way.
Also, some NFT marketplaces have a feature where you can make sure you get paid a percentage every time your NFT is sold or changes hands. That makes sure that if your work gets super popular and balloons in value, you’ll see some of that benefit.
One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs (which are way trendier than, like, Telegram stickers). Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.
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Ah, okay, yes. NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit. I feel kind of dirty for talking about that, though.
In the boring, technical sense that every NFT is a unique token on the blockchain. But while it could be like a van Gogh, where there’s only one definitive actual version, it could also be like a trading card, where there’s 50 or hundreds of numbered copies of the same artwork.
Well, that’s part of what makes NFTs so messy. Some people treat them like they’re the future of fine art collecting (read: as a playground for the mega-rich), and some people treat them like Pokémon cards (where they’re accessible to normal people but also a playground for the mega-rich). Speaking of Pokémon cards, Logan Paul sold some NFTs relating to a million-dollar box of the—
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Yeah, he sold NFT video clips, which are just clips from a video you can watch on YouTube anytime you want, for up to $20, 000. He also sold NFTs of a Logan Paul Pokémon card.
Linkin Park’s Mike Shinoda (who also sold some NFTs that included a song) actually talked about that. It’s totally a thing someone could do if they were, in his words, “an opportunist crooked jerk.” I’m not saying that Logan Paul is that, just that you should be careful who you buy from.
But we have seen big brands and celebrities like Marvel and Wayne Gretzky launch their own NFTs, which seem to be aimed at more traditional collectors, rather than crypto-enthusiasts. While I don’t think I’d call NFTs “mainstream” in the way that smartphones are mainstream, or
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Have an interest in what the next generation is doing, and it certainly does seem like some of them have been experimenting with NFTs. An 18 year-old who goes by the name FEWOCiOUS says that his NFT drops have netted over $17 million — though obviously most haven’t had the same success. The New York Times talked to a few teens in the NFC space, and some said they used NFTs as a way to get used to working on a project with a team, or to just earn some spending money.
Someone thought that too, and minted that clip as an NFT. It wasn’t us though! Rampant copyright infringement is an ongoing problem in the space. One of the post popular NFT trading sites estimated that over 80 percent of the artwork minted using its free tool were “plagiarized works, fake collections, and spam.” Which is, you know, not a great look?
No, but technically anything digital could be sold as an NFT (including articles from Quartz and The New York Times, provided you have anywhere from $1, 800 to $560, 000). deadmau5 has sold digital animated stickers. William Shatner has sold Shatner-themed trading cards (one of which was apparently an X-ray of his teeth).
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There have been some attempts at connecting NFTs to real-world objects, often as a sort of verification method. Nike has patented a method to verify sneakers’ authenticity using an NFT system, which it calls CryptoKicks. But so far, I haven’t found any teeth,
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