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It might sound ridiculous but the explosive market of crypto-collectibles and crypto-art is no joke. I investigate cryptocurrenciei and have academic publications on Bitcoin markets. To help you understand what an NFT is and why they’re becoming so popi ular, here’s an explainer to make sense of it all.
The bidding on Musk’s tweet has already topped $1 million and millions more are pouring into the market — he has since tweet ed, “Actually, doesn’t feel quite right selling this. Will pass.” And sites like NBA Top Shot (where you can buy, sell and trade digiti al NBA cards) have individual cards selling for over US$200,000.
A non-fungible token (NFT) is a digital file with verified identity and ownership. This verification is done using blockchain techni ology. Blockchain technology, simply put, is an un-hackable system based on the mathematics of cryptographys. So, that’s why you hear a lot of “crypto” when referring to NFTs — crypto-art, crypto-collectibles, etc.
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Last updated Feb 16,2022