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Technology

What the Bloody Hell is an NFT?

When Dominic Kent, Content Director at Mio, gives you a blog post idea, you write it.

My blog triggered a post idea, “Hot topic last night: What the bloody hell is an NFT?”

Well Dominic, great question! What is an NFT? I have one. Let me show you.

Cherry Bolt KINGS OF LEON x YELLOWHEART

There it is in all its glory.

Cherry Bolt may look like any old animated gif but it’s actually an NFT that’s worth (as of this post) 0.042 Ethereum or $136.89 dollars. 353 other people own this NFT. That means they bought it with the cryptocurrency, Ethereum, or like me, it was gifted to them.

In that sense, NFTs aren’t too complicated. They’re pieces of digital art that someone created and sold on the blockchain.

Technically you can save the gif above to your computer or smartphone but that doesn’t mean you own it. It’s like having the original Mona Lisa in your house or taking a picture of the original Mona Lisa on your smartphone. One has real value, the other doesn’t.

Let’s take a look at the breakdown of this NFT as its displayed on OpenSea. We can see what it’s worth, who made it, how many other people own it (and when they got it). From there we can decide if we want to keep our NFT or list it – which allows someone else to buy it.

We can see how many days ago I was gifted the NFT. It’s all out there because NFTs live on a decentralized blockchain. There are no secrets on the blockchain. Everything is recorded and stored on a ledger (trigger my university accounting class memories).

What the bloody hell is an NFT?

A Non-fungible Tokens (NFT) is digital item that’s authenticated and lives on the blockchain. It can be bought, traded, and sold like your car. There are only so many makes and there is only one that’s all yours.

Examples of NFTs

Digital Art

Digital Fashion

Video Clips

Tweets

Digital Trading Cards

Real Estate


Featured Photo by Michael Dziedzic on Unsplash

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