What Is an NFT?
2021-04-01
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1You may have recently heard of NFT technology, which permits digital works of art to be collected and sold for millions of dollars.
2But why would people pay so much money for something they cannot even touch?
3And what is driving the current rise in NFTs?
4Here are some basics to help you understand the technology:
5What is an NFT?
6NFT stands for non-fungible token.
7It is something that only exists in the digital world.
8It is based on a technology called blockchain,
9which is also used with digital currency systems known as cryptocurrency.
10What is blockchain?
11Blockchain is an online list containing information that can be used and shared within a large network open to the public.
12The technology permits pieces of information to be checked and stored safely.
13An NFT can be attached to a piece of digital artwork or other things existing in digital form.
14The NFT can be used to provide proof that the pieces are authentic.
15This is what permits digital artwork to be bought and sold.
16While anyone can view the work, the buyer has official ownership rights over the objects.
17What kinds of things are NFTs?
18NFTs can exist in the form of images, video, music and text.
19They are usually bought with electronic money.
20The form of digital currency mainly used with NFTs is called ether.
21NFTs have been used to sell sports videos, pieces of land in worlds that only exist on computers and even the first-ever tweet by Twitter's founder.
22A robot created a piece of art that was recently sold as an NFT.
23Why do people like NFTs?
24Artists like the idea of NFTs because the technology gives them a way to create and claim complete ownership over their digital works.
25This can make the artwork more rare, meaning the artists can sell their digital pieces for higher prices.
26Who is Beeple?
27One NFT piece was recently sold by an American digital artist known as Beeple.
28The artist, whose real name is Mike Winklemann, lives in South Carolina.
29His creation "Everydays - The First 5000 Days" -- a collection of 5,000 images -- sold in March for nearly $70 million.
30Because of the blockchain technology, Beeple will continue to earn money each time his art changes hands.
31He gets 10 percent of the price after every sale.
32Another American artist, Anne Spalter, sells some work as NFTs.
33At first, she did not think NFTs were a good idea, but then changed her mind.
34She says the technology has made people who might never go to an art gallery in person interested in art.
35However, she says she remains "mystified" by how high the prices went for some pieces.
36What do critics say about NFTs?
37Critics note that traditional art, like a painting, can be placed on a wall and looked at.
38But digital art is different.
39They point out that even though an artist can "own" a digital piece, others can easily save a copy of the same work as a file on their computer.
40Supporters of NFT technology note that such ownership means the digital artwork truly belongs to the artist, who can then sell it.
41Other people who have the same file on their computer or phone only own a copy.
42What does Beeple think?
43When asked about his artwork selling for such a high price, Beeple called it "crazy."
44Since the technology is new, not many people know what the future holds for NFT art.
45Some may grow in value while others may become worthless, Beeple said.
46He added that NFTs are giving people another way to invest outside of the stock market.
47What are some prices for NFTs?
48In February, a 10-second video showing an image of former U.S. President Donald Trump sold on an NFT marketplace for over $6 million.
49The first-ever published tweet from Twitter founder Jack Dorsey recently sold for nearly $3 million.
50He donated the money to an organization that supports families in Africa.
51But some NFTs sell for much less.
52Mark Cuban, a businessman and owner of the NBA's Dallas Mavericks, sold a tweet for about $1000 in February.
53In January, a video of basketball star LeBron James sold for $100,000.
54That led American sports organizations to look at NFTs as a possible new way to earn money from their videos.
55Are NFTs good investments?
56It is too early to say if NFTs are good investments.
57But so far, many people have items that are worth more than what they paid for them.
58This is no guarantee, however, that such buyers will be able to sell their digital objects for a profit.
59Max Dilendorf is a digital money lawyer in New York City.
60He says many people currently involved in NFT markets "are not really thinking it through carefully."
61At the same time, Dilendorf said he does expect NFTs to continue to grow.
62The New York Times made an NFT. What happened?
63The New York Times experimented with an NFT for a technology story that appeared in the newspaper.
64The story was called "Buy This Column on the Blockchain!"
65The writer, Kevin Roose, listed his column for sale in an NFT market called Foundation.
66It cost about $100 to list.
67The money raised from the article would go to a charity.
68In the story, Roose discussed how he put his column up for sale and also explained things the successful buyer would get.
69For example, the buyer was to be written about in a future story and would receive a message from a popular podcaster.
70The Times column sold for 350 ether.
71On March 25, that equaled about $560,000.
72So far, the winning buyer has not publicly come forward.
73What's next for digital art?
74Only two other living artists - Jeff Koons and David Hockney - have had their work sell for a price close to what Beeple's piece brought.
75And their art is physical, not digital.
76Some experts think artists whose work you can touch will be able to soon use blockchain technology to sell digital versions of their famous art.
77So what can we expect next?
78Among other things, a New York-based watch maker, Jacob & Co., plans to auction off a digital version of one of the company's real watches that sells for over $200,000.
79It hopes the NFT will bring in at least that much in the April auction.
80I'm Dan Friedell. And I'm Bryan Lynn.
1You may have recently heard of NFT technology, which permits digital works of art to be collected and sold for millions of dollars. 2But why would people pay so much money for something they cannot even touch? And what is driving the current rise in NFTs? Here are some basics to help you understand the technology: 3What is an NFT? 4NFT stands for non-fungible token. It is something that only exists in the digital world. It is based on a technology called blockchain, which is also used with digital currency systems known as cryptocurrency. 5What is blockchain? 6Blockchain is an online list containing information that can be used and shared within a large network open to the public. The technology permits pieces of information to be checked and stored safely. 7An NFT can be attached to a piece of digital artwork or other things existing in digital form. The NFT can be used to provide proof that the pieces are authentic. This is what permits digital artwork to be bought and sold. While anyone can view the work, the buyer has official ownership rights over the objects. 8What kinds of things are NFTs? 9NFTs can exist in the form of images, video, music and text. They are usually bought with electronic money. The form of digital currency mainly used with NFTs is called ether. NFTs have been used to sell sports videos, pieces of land in worlds that only exist on computers and even the first-ever tweet by Twitter's founder. A robot created a piece of art that was recently sold as an NFT. 10Why do people like NFTs? 11Artists like the idea of NFTs because the technology gives them a way to create and claim complete ownership over their digital works. This can make the artwork more rare, meaning the artists can sell their digital pieces for higher prices. 12Who is Beeple? 13One NFT piece was recently sold by an American digital artist known as Beeple. The artist, whose real name is Mike Winklemann, lives in South Carolina. His creation "Everydays - The First 5000 Days" -- a collection of 5,000 images -- sold in March for nearly $70 million. 14Because of the blockchain technology, Beeple will continue to earn money each time his art changes hands. He gets 10 percent of the price after every sale. 15Another American artist, Anne Spalter, sells some work as NFTs. At first, she did not think NFTs were a good idea, but then changed her mind. She says the technology has made people who might never go to an art gallery in person interested in art. However, she says she remains "mystified" by how high the prices went for some pieces. 16What do critics say about NFTs? 17Critics note that traditional art, like a painting, can be placed on a wall and looked at. But digital art is different. They point out that even though an artist can "own" a digital piece, others can easily save a copy of the same work as a file on their computer. 18Supporters of NFT technology note that such ownership means the digital artwork truly belongs to the artist, who can then sell it. Other people who have the same file on their computer or phone only own a copy. 19What does Beeple think? 20When asked about his artwork selling for such a high price, Beeple called it "crazy." Since the technology is new, not many people know what the future holds for NFT art. Some may grow in value while others may become worthless, Beeple said. He added that NFTs are giving people another way to invest outside of the stock market. 21What are some prices for NFTs? 22In February, a 10-second video showing an image of former U.S. President Donald Trump sold on an NFT marketplace for over $6 million. The first-ever published tweet from Twitter founder Jack Dorsey recently sold for nearly $3 million. He donated the money to an organization that supports families in Africa. 23But some NFTs sell for much less. Mark Cuban, a businessman and owner of the NBA's Dallas Mavericks, sold a tweet for about $1000 in February. In January, a video of basketball star LeBron James sold for $100,000. That led American sports organizations to look at NFTs as a possible new way to earn money from their videos. 24Are NFTs good investments? 25It is too early to say if NFTs are good investments. But so far, many people have items that are worth more than what they paid for them. This is no guarantee, however, that such buyers will be able to sell their digital objects for a profit. 26Max Dilendorf is a digital money lawyer in New York City. He says many people currently involved in NFT markets "are not really thinking it through carefully." At the same time, Dilendorf said he does expect NFTs to continue to grow. 27The New York Times made an NFT. What happened? 28The New York Times experimented with an NFT for a technology story that appeared in the newspaper. The story was called "Buy This Column on the Blockchain!" 29The writer, Kevin Roose, listed his column for sale in an NFT market called Foundation. It cost about $100 to list. The money raised from the article would go to a charity. In the story, Roose discussed how he put his column up for sale and also explained things the successful buyer would get. For example, the buyer was to be written about in a future story and would receive a message from a popular podcaster. 30The Times column sold for 350 ether. On March 25, that equaled about $560,000. So far, the winning buyer has not publicly come forward. 31What's next for digital art? 32Only two other living artists - Jeff Koons and David Hockney - have had their work sell for a price close to what Beeple's piece brought. And their art is physical, not digital. Some experts think artists whose work you can touch will be able to soon use blockchain technology to sell digital versions of their famous art. 33So what can we expect next? Among other things, a New York-based watch maker, Jacob & Co., plans to auction off a digital version of one of the company's real watches that sells for over $200,000. It hopes the NFT will bring in at least that much in the April auction. 34I'm Dan Friedell. And I'm Bryan Lynn. 35Dan Friedell wrote this story for Learning English based on reporting from the Associated Press. Bryan Lynn of Learning English contributed. Bryan Lynn was the editor. 36Do you think you will ever buy an NFT? Tell us in the Comments Section and visit our Facebook page. 37_____________________________________________________________ 38Words in This Story 39digital -adj. using or characterized by computer technology 40authentic -adj. real or true 41mystify -v. to confuse (someone) completely 42crazy -adj. very strange or unusual 43column -n. an article in a newspaper or magazine that appears regularly and that is written by a particular writer or deals with a particular subject 44charity -n. an official organization that gives money, food or help to people who needit 45auction -n. a public sale at which things are sold to the people who offer to pay the most