NFTs, explained: Non-fungible token, What are NFTs, How do NFTs work

NFTs have taken the art world by storm. One NFT sold for over 69 million dollars! But what is an NFT? What is the fuzz about NFTs?

You may have heard Jack Dorsey, the founder of Twitter, sold his first tweet ever as an NFT for over $2.9 million, Super Bowl champ Rob Gronkowski sold out his NFT collection for $1.6 million, Or you may have seen art, video game items, and music from your favorite influencers are selling for thousands as NFTs. But what is this frenzy about? How much money is going into these NFT things? Over 150 million dollars have been spent on NFTs since November 2017. NFTs have become hugely popular amongst celebrities, athletes, and companies due to their revolutionizing impact on the gaming and collectibles industry. Here, we will do our best to illustrate NFTs important characteristics and why you should understand NFTs.