NFTalk

We bet a lot of you are wondering what NFTs are. Anytime we post anything NFT related to social media, we’ll inevitably receive two to three DM’s asking what exactly NFTs even are. Wind the clock back one year and we would have been asking the same question.

Easy answer? NFT is an acronym for Non-Fungible Token. All clear now right? Or, are you like most people and still just as confused as you were two minutes ago? The definition of fungible is; able to replace or be replaced by another identical item; mutually interchangeable.

A great example of this is a five-dollar bill. If we give you a five-dollar bill, and you give us a different five-dollar bill back, we’re all exactly where we started. They are equally interchangeable. A non-fungible token is a non interchangeable unit of data stored on a block chain. (Many of you won’t know what a block chain is…the easy answer to that? A digital ledger, or a system of recording information that makes it impossible to change, hack or cheat the system.) NFTs are more or less a unique asset that cannot be replaced. It would be like having a first-edition signed rookie card for Lebron James, and having him standing beside you stating “that’s my signature”. It’s invaluable, irreplaceable, impossible to counterfiet.

It’s important to note NFTs are digital assets, not material assets; mostly including online assets like digital artwork, real estate assets, videos, photographs, and any other form of digital property. These are held in a “public wallet”–we’ll delve into these in a future post, but think of them as an instagram page for your digital assets.

One of the main events that put NFTs into the public spotlight was the main stream media attention on the digital artist Beeple in March of 2021, when he sold an NFT for 69 million dollars at a Christie’s auction; making him one of the wealthiest living artists of our time. (Coincidentally Beeple lives in the same city as we do, and until this sale happened we had never heard of him).

Instead of asking what an NFT is, you should be asking “why do I care?” The fact of the matter is the NFT world is still in its infancy, and already making massive waves. We are headed toward a future where NFTs will become our social currency; in the same way designer clothes, high end watches, or the type of car you drive is the social currency of the world we live in today. What is in your public wallet will define who you are in the future. Whether it be concert tickets, artworks, property in the metaverse, or admission passes to exclusive events. The reality is we are rapidly heading toward a world where NFTs are as ingrained into society as social media.

This is our motivation for this blog. We understand how daunting this rapidly changing digital landscape can be to the average person and want to help spread knowledge and understanding so this new frontier can be accessed and enjoyed by all. The more who know, the more become interested, and more interest fuels greater change and innovation.

We look forward to navigating this future with you. Also we think it is important to note, this is our second collaborative blog post, and neither one of us has even attempted to murder the other! We appreciate your continued support and would love to hear directly from you! Please reach out to us with any questions or topics you’d like us to go over next!