Fashion, NFTs, & The Metaverse—Oh My!
BANKNOTES minted by #paid
English - February 07, 2022 17:29 - 19 minutes - 17.6 MBMarketing Business Entrepreneurship brands creator economy creator marketing dtc ecommerce influencer marketing marketing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
What are NFTs?
NFT stands for non-fungible token.
A more descriptive name would have been “a 100% unique, non-replaceable digital asset recorded and authenticated on computer databases,” but that’s too long.
So, let’s stick with “non-fungible token” and break it down.
Token: A token is a digital asset (e.g., image, gif, video, a digital object in a video game, etc.) that lives on the blockchain.
Non-fungible: Each token (asset) is non-fungible, which is fancy talk for saying it’s 100% unique. For example, physical art is non-fungible. Da Vinci’s “Mona Lisa” is non-fungible. Michelangelo’s “David” is non-fungible. Van Gough’s “Starry Night” is non-fungible. If you’re an art collector, you could trade one masterpiece for another—but you couldn’t replicate the Mona Lisa or David. There is only one of each and will always only be one. You could have a picture of the Mona Lisa, but it’s not the actual Mona Lisa.