Are pudgy Penguins the latest NFT craze?

Pudgy Penguins are the latest NFT craze. Image: Pudgy Penguins An Ethereum-based NFT project called Pudgy Penguins is blowing up right now. More than $11 million worth of the collection’s NFTs have been sold on secondary markets within the last 24 hours alone. Want to get a sense of which NFT collectibles series are currently in hot demand?

What is an NFT and how does it work?

A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain. It's how cryptocurrency like Bitcoin is bought and sold.

Is an NFT fungible?

Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain.

What are nonfungible tokens (NFTS)?

It's part of growing interest in digital assets, known as nonfungible tokens, or NFTs, that are generating millions of dollars in sales every day. The artist Grimes recently sold a bunch of NFTs for nearly $6 million. An NFT of LeBron James making a historic dunk for the Lakers garnered more than $200,000.