Come along with me as I, the person who constantly believes 77 + 33 = 100, tries to explain the new tech craze, NFTs. What are they? Why do they exist? And who in their right mind would give Grimes $498,000 to get their hands on one?
Well, I can now say that I am able to answer all of these questions, after doing a couple of hours of research. Here’s an idiot’s guide (hi, that’s me) to NFTs. Am I still partly confused? You know, I think everyone is really, but I’m gonna do my best here.
So, what the f̸͙͌́ṳ̷̪̂̄c̷̯̮̓̐k̵̝̎̋ is an NFT?
An NFT is a non-fungible token. Okay, I know what you’re thinking after reading that. Probably something along the lines of “okay, thanks loser, now I’m even more confused.”
Well, most sites will just break down the acronym and not explain what it even means, so you’re in luck.
Fungible, apart from being a word that may just be grosser than moist, means that something can be exchanged for its equivalent. Think of money. I can exchange a bunch of US dollars for some Aussie dollarydoos, and it’s a fair trade.
When something is non-fungible, it cannot be traded for something of equivalent worth. The best example of this is trading the Mona Lisa for your cousin’s painting that he did on that one acid trip in the Blue Mountains. One is an extremely unique, one-of-a-kind piece, and the other is just some painting by Leonardo da Vinci.
This GIF right here could be an NFT, come to think of it.
Basically, you can’t trade one NFT for another and have it be worth the same thing. To help you understand this even further, NFTs are usually things like artworks, videos or music, thus the Mona Lisa comparison.
There can be many copies of an image online, but there can only ever be one owner. Now you kind of understand a little bit of the hype.
Alright, give me some more info king!
Oh wow, compliments will get you everywhere, sure thing!
So, NFTs are apart of the Ethereum blockchain. I know, more new words that don’t make much sense.
Well, Ethereum is something you may have heard of. It’s the second-largest cryptocurrency next to Bitcoin (which you’ve definitely seen around before).
NFTs are digital assets, but they store more information than your regular Ethereum coin, which makes them different. Your ownership of these assets is recorded, like a ledger, on the blockchain. But what on Earth is a blockchain?
Uhhh, let’s get in someone who isn’t smooth-brained for this one.
Blockchain? Now you’re making shit up.
“A blockchain is a digital and distributed ledger of transactions or decentralized database that keeps continuously updated digital records in real-time across a network of computers,” he said.
Makes sense to me, therefore it must be the best way of explaining it.
So where does Grimes come in?
When the world is over, only three things shall remain: roaches, Cher and the omnipotent digital presence of Grimes that shall never fade from existence.
Grimes, like a lot of other artists, are using the NFTs craze to sell unique pieces of visual art and receive direct profit for them without the use of a middle man.
Altogether, Grimes has made US$6 million (AU$7.7 million) from the selling of NFTs, which is absolutely wild to think about.
Right here is the video called ‘Death of the Old’ that she sold for US$389,000 (AU$498,000). Yes, you can watch it for free right here, but only one person out there actually owns the video now, which was paired with unique audio.
As a Grimes super stan, I actually think it’s kinda cool, and a lot of people are using this new platform to experiment with a whole bunch of art forms, changing the very definition of art and ownership as we speak.
Kings of Leon for example just announced that their next album is going to have an NFT release where you can get your hands on 50 limited edition deluxe versions. Your cybersex is on fire, kings.
I think I get it now, thanks.
No worries! In the world of the internet and technological advancements, it’s hard to keep up sometimes, but just like Bitcoin, I have a feeling that NFTs will soon become a natural part of the cultural lexicon.
Well, there’s nothing else to really explain here so… garn git, and have a n̴̲͐̂i̵̳̖͂ċ̶̱e̴̫͂͜ ̷͇̭́d̷̝̈̔a̶̢̫̕y̴̰͊ online.