NFTs are being talked about everywhere, but not explained easily anywhere. We decided to take matters into our own hands. So, we made an episode of #TheMoneyPot where we explain the history, the current fervor, why they're likely to stick around, how they solve a genuine problem, and of course we made an NFT to help us make sense of it all.
Spoiler alert: we had too much fun with this episode and turned the podcast and its original artwork into an NFT you can bid on (all for charity).
Photographer & Creator
Video Producer & Singer/Songwriter
What is an NFT?
NFT stands for Non-Fungible Token, unlike cryptocurrencies, which are fungible tokens. Fungible tokens, or assets, have units that can be readily interchanged, like a currency. Just as a dollar can be broken down to 4 quarters, cryptocurrencies have units. Non-fungible assets have unique properties that don’t allow for interchange without damaging the value. It would be similar to cutting up a Picasso, which would render a multi-million dollar painting worthless.
In our digital world, new digital properties are being created every day. And unlike copying a Picasso, copying digital files is widely available and doesn’t necessarily diminish their quality. So, how can you protect your ownership and the rights around your digital assets when scarcity drives the value? Never sharing it is not a real solution. Being able to “tokenize” it allows for verification of ownership and enhances the ability to sell digital assets.
But NFTs aren’t only for digital assets. Tokens can represent art, cars, real estate, trading cards, digital trading cards, gamer paraphernalia, music, and books. It can represent anything in the real world or digital world that is of value. There are even people who have tokenized themselves… but that is a whole episode unto itself.
History of NFTs
Current NFT rage
Listen and bid today! If you have any comments, questions or suggestions for future episodes of #TheMoneyPot please email us at email@example.com.
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