NFTs are unique assets that exist on the blockchain
This SNL skit accurately defines non-fungible tokens in a song and skit. They are cryptographic tokens that represent digital assets like art, and their value can be volatile.
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NFTs
Overview
Non-fungible tokens, or NFTs, are unique digital assets stored on a blockchain that represent ownership of images, GIFs, songs, videos, virtual plots of land, and more.
1440 Findings
Hours of research by our editors, distilled into minutes of clarity.
A unique art piece became the most expensive NFT when it sold for $92M
Non-fungible tokens sold for millions of dollars during their popularity peak from 2021 to 2022, with the top ten most expensive NFTs all costing upwards of $7M.
A ‘Bored Ape’ NFT was once kidnapped
An art heist in the crypto world plunges listeners of the "Search Engine" podcast into another mystery about why so many celebrities suddenly started selling the public on NFTs in 2021.
NFT trading volumes rose 700% in the third quarter of 2021
Non-fungible tokens, digital assets backed by smart contracts, gained mainstream recognition in 2021 as the digital assets’ popularity rose in tandem with investors’ appetite for risk. NFTs are unique and not divisible.
The biggest NFT projects that live on Ethereum include Bored Apes
Non-fungible tokens are primarily built on the Ethereum blockchain, though other blockchains host the tokens. NFT projects hosted on Ethereum include Bored Apes and plots of land in Decentraland.
Ethereum Founder Vitalik Buterin was surprised by the emergence of NFTs
Scams have pervaded the NFT space and made critics question their legitimacy, but proponents believe their use cases could one day extend to real estate and credit scores.
Smart contracts are the foundational technology behind NFTs
Smart contracts use “if that, then this” logic to track the ownership of NFTs and record when they are bought and sold on the blockchain.
PixelMap, one of the oldest NFT projects, made its creator an overnight millionaire
PixelMap suddenly became popular as crypto enthusiasts looked to own a piece of NFT history. Its creator talks about its surprise success in this podcast.
NFTs can be minted using an online marketplace or directly on the blockchain
Minting, or creating, an NFT is how NFTs are added to the blockchain. The process can be simplified by using a popular marketplace.
The acronym NFT stands for non-fungible token
NFTs have developed as a secure way to use cryptocurrencies and the blockchain to create unique digital art, allowing the owner to prove ownership of a specific digital item.
VideoWhat are NFTs?
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