This kind of club isn’t really a new phenomenon - people have long built communities based on things they own, and now it’s happening with NFTs.
#MAN POINT LEFT COPY SPACE TV#
People like, for instance, Jimmy Fallon and Paris Hilton, who discussed their apes on TV in a clip that went viral for being soooo uncomfortable.
And a reminder: this all happened because people really like saying that they own a picture of a Bored Ape.
#MAN POINT LEFT COPY SPACE SERIES#
The company behind the series of NFTs has created a spin-off cryptocurrency, broken the blockchain for a few hours with how popular one of their sales was, and even acquired other massive NFT brands. If you haven’t heard about the Bored Ape Yacht Club, it’s one of the most successful NFT projects, with apes (which are procedurally generated and have unique characteristics) selling for millions of dollars. Oh no you’re about to talk about the apes aren’t you? Am I predicting that NFTs are about to make a comeback? Absolutely not, but I’m sure there are plenty of folks in NFT-based communities that are sure they’re still on the gravy train. Sales have absolutely slumped since their peak, though like with seemingly everything in crypto there’s always somebody declaring it over and done with right before a big spike. Didn’t the boom go bust ? Like for real this time ? I think I remember hearing that NFTs are already over. With digital art, a copy is literally as good as the original.īut the flex of owning an original Beeple. Whoever got that Monet can actually appreciate it as a physical object. This last sold for $3,600, but the current owner is asking for $16,300. Actually, one of Beeple’s pieces was auctioned at Christie’s, the famou. I’m sure some people really hope so - like whoever paid almost $390,000 for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple. So do people really think this will be the future of collecting? a lot of nuance about whether NFT’s are on the blockchain or not, which we’ll dig into in a bit. There are definitely nuances and exceptions there, which you can read about in our blockchain explainer, but when most people say “blockchain,” that’s the kind of tech they’re talking about. Well, they’re pretty complex, but the basic idea is that blockchains are a way to store data without having to trust any one company or entity to keep things secure and accurate. The founder of Twitter sold one for just under $3 million shortly after we originally posted this article.Ĭould you do a real quick rundown of what the blockchain is ? A lot of the conversation is about NFTs as an evolution of fine art collecting, only with digital art.īut yes, someone could buy your good tweets. I don’t think anyone can stop you, but that’s not really what I meant. You mean, like, people buying my good tweets? NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art. What’s worth picking up at the NFT supermarket? Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who’s holding and trading NFTs.Īlmost everyone spells it out, saying “en eff tee.” The brave call them “nefts.” The enlightened have never had the word cross their lips. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)Īt a very high level, most NFTs are part of the Ethereum blockchain, though other blockchains have implemented their own version of NFTs. If you traded it for a different card, you’d have something completely different.
For example, a bitcoin is fungible - trade one for another bitcoin, and you’ll have exactly the same thing.Ī one-of-a-kind trading card, however, is non-fungible. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. Pictures of apes have sold for tens of millions of dollars, there’s been an endless supply of headlines about million-dollar hacks of NFT projects, and corporate cash grabs have only gotten worse.Īll this news may have left you wondering: what is an NFT, anyhow?Īfter countless hours of research and discussions (most of which were against my will), I think I know. In the year since NFTs exploded in popularity, the situation has only gotten more complicated. There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” That’s the feeling I’ve experienced while reading about Grimes getting millions of dollars for NFTs or about Nyan Cat being sold as one.
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