What Are NFT’s And What You Need To Know
When I was introduced to NFT’s, one of the first I ever saw was of this pop tart like cat with a rainbow that looked like it was streaming from its private regions. Fast forward, little did anyone know that the pop tart rainbow cat was a viral meme that would eventually be sold at an online auction for approximately three hundred ETH (Ethereum).
Ethereum is the second most popular crypto currency, and at the time of the sale 300 ETH was equivalent to nearly six hundred thousand dollars at the time. At the time of this writing, ETH is trading at approximately $2330.21, making the NFT worth approximately $699,063.00. One might ask, how can someone own the original copy of the gif that was all over the internet?
It’s because it was sold as an NFT, (which is short for non fungible token) which acts like a digital certificate of authenticity. The market for NFT’s ballooned in 2020, climbing to a market cap of at least $338,000,000 from $41,000,000 in 2018. Skeptics are asking whether these assets are really worth the value assigned to them especially if all it takes to view them is an internet connection.