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Digital Features

NFTs: What are they?

March 24, 2021 00:00 AM UTC
- Updated October 28, 2021 18:06 PM UTC

Fortune's Devin Hance explains.

Transcript
N F T s N F T s are just digital paperwork, and there in the future, the NFC sales now topping a half a trillion dollars N f t. It stands for non fungible tokens. Fungible items can be substituted or exchanged for similar items, like a $10 bill exchanged for $25 bills. But non fungible means it cannot be replicated or traded like a diamond or an original painting, which each have very specific union quality. Many Detrol assets are now being sold as N. F. T s mhm mhm, and some of them costs a surprising amount of money. Yeah, mhm N F T s are backed by Blockchain technology that proves ownership anyone buying. And then FT receives a file with a permanent digital signature guaranteeing ownership. Owning an N F T can be compared to owning an original Picasso. Sure, anyone can Google and look at the work, but just one person holds the ownership bragging rights. Is this really going to be the future or is it just a fat? It's too soon to say, but one thing is clear. People are definitely willing to pay top dollar to own one. Mhm