NFTs Explained


 By: Zander Lopez ’23, Staff Writer 

NFTs, or Non-Fungible-Tokens are digital art creations that have created a new market where people use cryptocurrencies like Bitcoin and Ethereum to purchase the artwork. 

     The prices of NFTs vary and like a typical piece of art, its value can plunge within seconds. NFTs also come in drops, almost like a clothing line collection with the marketplace determining its starting value.

     These pieces of art have become very popular with companies like Bored Cape Yacht Club or BAYC becoming one of the biggest distributors with over 10,000 NFTs sold with many varying prices based on popularity. 

     A common misconception about NFT’s is that you can copy and paste to gain the value of the NFT because they are online digital art that you could in theory take from the owner as your own. Thankfully many companies have thought about this idea and have created a system that marks your name as the official owner holding all of its stock value. 

     Most popular NFTs also have thousands and even millions of dollars in market value which is an obvious sign of who the owner is.

Many influencers have made their own Twitter profile as NFTs as a sign of wealth or to shine light on the brand that is being shown to bring more attention and eventually raise the value on their own NFT. NFTs have their place in the market in contrast to normal stocks and are steadily on their way to becoming one of the mainstream investment options of the new age of cryptocurrency. Although these are very risky investments because of the volatility and some NFTs aren’t able to sell because unlike stocks you need somebody to buy it before you can have the money the token is worth.