NFTs, what are they?

Taking a scroll on twitter for any length of time as of recent gives quite a big chance to come across a variety of monkeys, lions, and small sprites. These are NFTs, shorthand for Non Fungible Tokens. The non fungible bit, according to the verge, means 

“that it’s unique, and cannot be replaced by something else.” These NFTs can be of basically any image or video according to wikipedia, although “collections”

A Fairly up to date picture of Opensea, note the etherium price tag as opposed to regular money.

such as ‘bored ape’ and ‘pudgy penguin’ have been cropping up.

This nft craze started to pick up in 2021, according to wikipedia, also stating that

“NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment.”

Even “big brands and celebrities like Marvel and Wayne Gretzky launch their own NFTs, which seem to be aimed at more traditional collectors, rather than crypto-enthusiasts.” according to the verge.

Even some teachers here at hall know of their existence, with Michael Wilkosz commenting that they are “interesting…but dicey when it comes to who owns the rights to the digitally created content/art” 

That being said,according to wikipedia, “NFT purchases and sales are enmeshed in a controversy regarding the high-energy use, and consequent greenhouse gas emissions, associated with blockchain transactions.” That alone isn’t all, with NFTs being files just like any other image or video, they can be right clicked and saved with little effort, giving the same file that someone paid for, for free. The verge comments that 

“NFTs are designed to give you something that can’t be copied: ownership of the work.” 

These controversies, however, have not prevented NFTS from skyrocketing in popularity, if the selection on opensea has anything to indicate. However, the future of NFTs remain uncertain, even with all the attention they have been getting. Only time will tell their fate.