That's kind of NFT-y

You may have heard about the creator of Twitter selling his first tweet for $2.5M. Or the digital collage created by artist Beeple sold for $69.3M, both being sold as an "NFT." An NFT is a "Non-Fungible Token" and it is the latest cryptocurrency phenomenon to go mainstream.

So what exactly is an NFT? NFTs transform digital media and other collectibles into one-of-a-kind verifiable assets that are tradable using blockchain. This seems a bit crude and as though there would not be a lot of money or attention. However, the payoff has been huge for many artists, musicians, influencers, and the like, with investors spending top dollar to own NFT versions of digital images. Unlike regular currency and cryptocurrency, NFTs cannot be mass produced as each piece of media is unique and not mutually interchangeable. Think limited edition Jordans or Pokemon cards from the early 2000s. Anyone can create an NFT and it seems relatively easy. All you need is a digital wallet, a small purchase of Ethereum or any other blockchain based currency, and a connection to an NFT marketplace where you can upload your media and turn the content into an NFT or crypto art. Sounds good, right?

If you happen to be interested in selling an NFT, know that NFTs are also sold on marketplaces and the process varies depending on platform. You will essentially upload your content to a marketplace via a platform and then follow the instructions they provide to turn your media into an NFT. You will be able to include specifics such as a description of the work and suggested pricing. Please note that NFTs are typically purchased using Ethereum, but can also be bought with other blockchain based coins.

Apparently, some of  the fascination with NFTs stems from people who enjoy supporting the work of independent creators by purchasing their works. It could also stem from the curious idea of taking a digital asset that anyone can copy and claiming ownership of it - such as a decade old Nyan Cat gif that was sold for $600K. It is suspected that the recent headline price records for NFTs have been driven by newly minted crypto millionaires and billionaires looking to diversify their bitcoin holdings.