What does NFT stand for and why will it completely transform the economy as we know it?
Article to come soon.
NFT stands for Non-fungible token. It is a unique representation of the concept of ownership verified by consensus (thousands or millions of computers that agree).
In short, millions of people will choose to spend and invest their money in NFTs to gain access and signal in the communities they identify with and care about instead of the traditional stock and bond mix of times past. Various blockchain technologies enable non-technical users to signal and unlock the value held within these signaling symbols (borrowing against the value of your NFTs guaranteed by code).
Here is a video of Johnny Harris, an ex-vox journalist explaining NFTs
The image in the banner of this site is of the 10,000 NFTs in a project called Cryptopunks, one of the most significant and earliest NFT projects. At the time of writing the "floor" or least expensive Cryptopunk is 103.70 ETH or $364.3k USD. Earlier in 2021 one could be had for 10s of thousands of dollars, and in 2017 the first people to claim them (minting) were for free + gas (transaction fees).
Questions that I plan to answer and write about as this website gets built out include:
What are the other significant NFT projects?
What makes a project significant and worth hundreds of thousands of dollars?
How do people make projects?
How can I make a project?
Is there any utility to owning an NFT?
Why would anyone buy one?
How will more creators use NFTs as a means for connecting with their audience?
What is the current legal treatment of NFTs?
Is an NFT a securities sale?
Can NFTs be on other blockchains besides the Ethereum blockchain?
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