WTF are NFTs? Behind the Digital Asset Endorsed by Jack Dorsey and the NBA

Sean Burch

16 March 2021 at 3:55 pm·1-min read

There’s a good chance you’re already sick of hearing about NFTs, without even knowing what they are. TheWrap is here to answer a few key questions about the latest digital craze: What is a NFT? NFT is short for non-fungible token. That means it’s an asset that cannot be interchanged. For example: You can take a $100 bill and exchange it for five $20 bills and still retain the same value. That’s not the case with NFTs, where each token is unique and carries its own value. Instead, think of NFTs as digital collectibles. Right now, the most common NFTs are tied to things like art, pictures and video highlights — something the NBA has already leaned into. NFTs are tracked using blockchain technology, the underlying ledger that tracks bitcoin and ethereum transactions. When NFTs are transferred, the transactions are verified by a network of computers, giving the new owner proof they own the official asset. “What [NFTs] signify is digital artwork that can be confirmed to be legitimate on the blockchain technology,” Oanda senior analyst Ed Moya explained. “What it really means is you’re buying art you don’t necessarily hang up on your wall, but you own the images. And...

Read original story WTF are NFTs? Behind the Digital Asset Endorsed by Jack Dorsey and the NBA At TheWrap

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