What are digital collectibles called 'NFTS'?

Digital collectibles known as “NFTs” have exploded in popularity lately. A video clip created by digital artist Beeple was flipped for a record $6.6 million last week. So what are NFTs? CNBC runs through what you need to know. What are NFTs? From art to sports trading cards, people are spending millions of dollars on digital collector’s items.

What is an NFT (non-fungible token)?

This class of image is called an NFT, which stands for non-fungible token. A fungible item, like a $10 note, can be traded one for another. A non-fungible item, like a Monet painting, is unique and irreplaceable. An NFT is a digital item on a blockchain that is assigned a singular and unique ID.

What is an NFT & how does it work?

NFTs are the hot new thing in the blockchain and cryptocurrency world. Think of an NFT like a digital collector's item. It's a unique digital object, and NFTs are exploding in popularity. But what is an NFT? The acronym "NFT" stands for "non-fungible token." An NFT is a token on a blockchain, but---unlike typical cryptocurrency---it's not fungible.

Are NFT collectors clueless?

Underneath this stratum of the sophisticated NFT collectors are a huge number of clueless and eager hypebeasts who seem to have no systematic thought driving collection decisions other than whether an image is correlated with the aesthetic category of “ dankness ”.