NFTs have surged in popularity, making headlines for their astronomical price tags and sparking debates about their value and purpose.
What is an NFT?
NFT stands for non-fungible token. To break it down, “non-fungible” means that an item is unique and cannot be replaced with an identical equivalent. For example, a dollar bill is fungible if you exchange it for another dollar bill, you still have the same amount of money. A rare baseball card or an original painting is non-fungible, as each has distinct characteristics and value.
NFTs exist on blockchains, primarily Ethereum, where they function as digital certificates of ownership. These tokens prove that a person owns a specific digital item, whether it’s artwork, music, video clips, or even virtual real estate.
How Do NFTs Work?
NFTs are powered by blockchain technology, the same system that supports cryptocurrencies like Bitcoin and Ethereum. Unlike cryptocurrencies, which are interchangeable, each NFT is unique. When someone buys an NFT, they aren’t necessarily buying the artwork or media itself—rather, they’re purchasing a verified ownership record stored on the blockchain.
Why Do People Buy NFTs?
Digital Ownership: They provide a way to prove ownership of digital assets.
Scarcity & Exclusivity: Many NFTs are released in limited quantities, increasing their perceived value.
Resale Potential: Some investors see NFTs as a speculative asset, hoping to sell them later at a profit.
What Can Be an NFT?
- Digital art
- Music and audio files
- Virtual real estate in the metaverse
- Collectible items in video games
- Tweets or social media posts
Are NFTs Here to Stay?
While some see NFTs as a revolutionary development in digital ownership, others criticize them as speculative assets prone to market volatility. Additionally, concerns about environmental impact and intellectual property issues continue to fuel debates.
Regardless of their future, NFTs have undeniably shaped digital culture, influencing how we create, buy, and sell virtual goods. Whether they remain a lasting innovation or a fleeting trend is yet to be seen.
Can People Really Buy My Tweets?
Technically, yes. If someone sees value in your clever 280-character insights, they could purchase them as NFTs. In fact, Twitter’s founder, Jack Dorsey, sold his first tweet as an NFT for nearly $3 million in 2021. However, while tweets can be sold, the broader discussion around NFTs revolves around their role in digital art and collectibles—a modern twist on traditional fine art collecting.
A Quick Rundown of Blockchain
Blockchains are complex, but at their core, they serve as decentralized and secure digital ledgers. Unlike traditional databases managed by a single company or authority, blockchains distribute records across a network of computers, making them resistant to tampering and fraud. This ensures that transactions, whether for cryptocurrencies or NFTs, are transparent and verifiable without requiring a central authority.
That said, there’s some debate over whether all NFTs truly exist on the blockchain or if they simply reference off-chain assets—but that’s a topic for another discussion.
Is This Really the Future of Collecting?
Many enthusiasts certainly hope so. The NFT boom has seen jaw-dropping sales, such as:
- A 50-second video by the musician Grimes selling for nearly $390,000
- A digital artwork by Beeple fetching $6.6 million
- A separate Beeple piece auctioned at Christie’s, the world-renowned auction house
But… Can’t I Just Right-Click and Save It?
Yes, you absolutely can. Anyone can download the same digital file that an NFT owner has purchased. That’s one of the biggest criticisms of NFTs.
millions for something that can be copied infinitely?
- What NFTs offer is not exclusive access to the file itself but verifiable ownership of the original digital asset. Think of it like traditional
- With NFTs, the blockchain serves as a certificate of authenticity, proving that a specific person (or wallet) owns the “original” digital asset, even though identical copies exist.
NFTs vs. Traditional Art: The Gucci Ghost and Beeple’s $69 Million Sale
To illustrate the stakes, consider the $3,600 Gucci Ghost—a simple neon drawing of a ghost draped in Gucci colors that sold for thousands as an NFT. Critics argue that such purchases are driven by hype rather than artistic value, especially compared to traditional masterpieces.
- That sale surpassed Claude Monet’s Nymphéas, which sold for $54 million in 2014.
- Beeple’s artwork became one of the most expensive works ever sold by a living artist.
Are NFTs Over?
It’s no secret that NFT sales have plummeted since their peak. The market, once booming with multimillion-dollar sales, has seen a sharp decline, leading many to declare NFTs “dead.” However, if history has taught us anything about crypto, it’s that every supposed collapse is followed by a group of believers convinced a comeback is just around the corner.
Ah, So You Want to Talk About the Apes
If you’ve heard of Bored Ape Yacht Club (BAYC), you know it’s one of the most successful NFT projects to date. These procedurally generated ape illustrations, each with unique traits, have sold for millions of dollars. But it didn’t stop at digital collectibles—BAYC’s creators launched their own cryptocurrency, overloaded the blockchain during a high-profile sale, and even acquired other major NFT brands.
And all of this happened because people really liked the idea of owning a picture of an ape.
Celebrities like Jimmy Fallon and Paris Hilton even flaunted their Bored Apes on TV in a now-infamous, cringe-worthy segment that perfectly captured the oddity of NFT culture. But this type of community-building isn’t new—people have always formed social groups around shared ownership of rare or exclusive items. CryptoPunks, one of the first big NFT projects, gained traction in a similar way.
Should Artists Care About NFTs?
NFTs might seem appealing because they provide a way to sell digital art in a way that was previously difficult. Let’s say you design a unique digital sticker—where would you sell it? The iMessage App Store? Not exactly a thriving marketplace.
NFTs also offer something rare in the art world: residual earnings. Some NFT platforms allow artists to set royalties, ensuring they receive a percentage of every future sale. That means if your work becomes wildly valuable over time, you still benefit from it.
Should Buyers Care About NFTs?
If you’re a buyer, one of the obvious benefits is supporting artists you like—similar to buying traditional art, but with NFTs being trendier (and far more speculative). Ownership typically comes with basic usage rights, like setting the image as your profile picture or sharing it online. And, of course, there’s the blockchain-backed bragging rights of being the owner.
But What About Collectors?
If you’re thinking about NFTs as a collector, they function like any other speculative asset—you buy, hoping the value increases so you can later sell for a profit. Some people see NFTs as the future of fine art collecting, a playground for the ultra-rich. Others treat them like trading cards, where rarity and hype dictate value.
Are All NFTs Truly Unique?
Technically, yes—each NFT is a unique entry on the blockchain. But the artwork itself might not be one-of-a-kind. Some NFTs are like a van Gogh painting, with only one true version, while others function more like trading cards, with multiple numbered copies of the same piece.
Logan Paul’s $20,000 Video Clips—Seriously?
Yes, Logan Paul sold NFTs of video clips—clips from a video that anyone can still watch for free on YouTube—for as much as $20,000. He also sold NFTs featuring a Logan Paul-themed Pokémon card.
So, who actually paid that much money for a digital moment of Logan Paul?
Well, as the saying goes: a fool and their money are soon parted.
Can Creators Just Keep Selling the Same NFT?
Technically, yes. There’s nothing stopping someone from minting multiple NFTs of the exact same digital asset. Imagine paying thousands for an exclusive NFT, only to see the creator release 50 more identical copies—devaluing the one you just bought.
Musician Mike Shinoda of Linkin Park, who has sold his own NFT-backed music, acknowledged this risk. He warned that an “opportunist crooked jerk” could easily take advantage of buyers by repeatedly selling the same content under the guise of exclusivity. This highlights one of the biggest trust issues in the NFT space: you have to be careful who you buy from.
Are NFTs Mainstream Now?
NFTs have made their way into pop culture, they remain a niche market, primarily attracting crypto enthusiasts, collectors, and speculators. The future of NFTs as a long-term digital asset class is still up for debate, but for now, they continue to exist in a strange space between fine art, collectibles, and digital
status symbols.Logan Paul’s $20,000 Video Clips—Seriously?
Yes, Logan Paul sold NFTs of video clips—clips from a video that anyone can still watch for free on YouTube—for as much as $20,000. He also sold NFTs featuring a Logan Paul-themed Pokémon card.
So, who actually paid that much money for a digital moment of Logan Paul?
Well, as the saying goes: a fool and their money are soon parted.
Can Creators Just Keep Selling the Same NFT?
Technically, yes. There’s nothing stopping someone from minting multiple NFTs of the exact same digital asset. Imagine paying thousands for an exclusive NFT, only to see the creator release 50 more identical copies—devaluing the one you just bought.
Musician Mike Shinoda of Linkin Park, who has sold his own NFT-backed music, acknowledged this risk. He warned that an “opportunist crooked jerk” could easily take advantage of buyers by repeatedly selling the same content under the guise of exclusivity. This highlights one of the biggest trust issues in the NFT space: you have to be careful who you buy from.
Are NFTs Mainstream Now?
NFTs have made their way into pop culture, they remain a niche market, primarily attracting crypto enthusiasts, collectors, and speculators. The future of NFTs as a long-term digital asset class is still up for debate, but for now, they continue to exist in a strange space between fine art, collectibles, and digital status symbols.
Are NFTs Truly Mainstream?
Major brands and celebrities have certainly dipped their toes into NFTs. From Marvel releasing digital collectibles to Wayne Gretzky launching sports-themed NFTs, companies seem to be marketing these digital assets to traditional collectors rather than just crypto enthusiasts.
Calling NFTs fully mainstream is a stretch. Unlike smartphones or Star Wars, which are universally recognized and adopted, NFTs remain a niche market. Still, their continued presence—despite market fluctuations—suggests they have some degree of staying power, even beyond the core crypto audience.
What Do “The Youth” Think of NFTs?
Ah, an excellent question. We at The Verge (and anyone else watching cultural trends) are naturally curious about how the next generation interacts with NFTs.
Some younger creators have found early success in the space. Take FEWOCiOUS, an 18-year-old digital artist whose NFT sales have brought in over $17 million. While he’s an outlier, his story shows that younger artists see NFTs as a viable way to monetize digital work.
Other teens, as reported by The New York Times, have used NFTs as:
- A way to gain experience collaborating on creative projects
- An opportunity to make some extra cash
Younger audiences seem open to experimenting with NFTs, they don’t necessarily see them as the future of art, finance, or ownership. Many are treating NFTs more as a learning opportunity or side hustle rather than a revolution.
“That moment would make a great NFT.”
Someone else probably thought the same thing—and minted it as an NFT.
Rampant copyright infringement is one of the biggest issues in the NFT space. One of the largest NFT marketplaces admitted that over 80% of artwork minted with its free tool consisted of plagiarized works, fake collections, and spam.
Which is… well, not great.
The very nature of NFTs—where anyone can mint and sell digital assets—has created an ecosystem where stolen artwork, unauthorized resales, and outright scams run rampant. For many artists, this has turned NFTs from a potential opportunity into a constant battle to protect their work.
Can I Buy This Article as an NFT?
No—but technically, anything digital could be sold as an NFT.
Media companies like Quartz and The New York Times have already experimented with selling articles as NFTs, with prices ranging from $1,800 to $560,000. Meanwhile, some celebrities have turned unusual digital items into NFTs, including:
deadmau5, who sold digital animated stickers
William Shatner, who sold Shatner-themed trading cards—one of which was, strangely enough, an X-ray of his teeth
Could I Buy Someone’s Teeth as an NFT?
NFTs can be linked to real-world objects, often as a way to verify authenticity.
Nike has patented an NFT-based system called CryptoKicks, which is designed to verify the authenticity of sneakers. Some luxury brands are also exploring NFTs as a way to prove ownership of high-end goods.
Where Do People Buy NFTs?
Several NFT marketplaces have emerged, allowing users to buy, sell, and trade digital assets. Some of the most well-known platforms include
- OpenSea – One of the largest and most popular NFT marketplaces.
- Rarible – A decentralized marketplace where users can create and sell NFTs.
- Nifty Gateway – A curated marketplace favored by artists and celebrities (including Grimes).
- catering to different types of digital art, collectibles, and virtual assets.
Wait… What About the Kittens?
NFTs became technically possible when the Ethereum blockchain introduced support for them via a new token standard. One of the first real applications of this technology? A game called CryptoKitties, which allowed users to buy, sell, and breed digital kittens—each one uniquely generated and stored on the blockchain.
NFTs in Gaming: A Cautionary Tale
There was a time when NFTs in gaming seemed like they might be interesting—maybe even useful. Early projects like CryptoKitties hinted at the possibility of unique, player-owned assets being integrated into digital worlds.
But that glimmer of hope?
NFT salesperson is promising that their tokens will be part of some upcoming game or metaverse—whether or not those projects ever actually materialize.
When real game developers tried to integrate NFTs, the reaction was swift and brutal
NFT items in Ghost Recon: Breakpoint—and was immediately met with massive backlash.
The studio behind STALKER 2 announced an NFT tie-in, only to cancel it within 24 hours due to fan outrage.
Many other developers have quietly dropped or scaled back their NFT plans.
Fun NFT Experiments… and Total Disasters
To be fair, a few creative NFT projects have emerged—including some that poke fun at the entire concept of NFTs. But many of the most hyped NFT-based games have turned out to be deeply flawed.
One of the most “successful” NFT games was essentially a weird version of feudalism, where early adopters hoarded the best resources, and new players were stuck grinding for scraps. Oh, and it also got mega-hacked—which doesn’t exactly inspire confidence.
At Least It’s Not Digital Pet Rocks… Right?
Some people have spent tens or even hundreds of thousands of dollars on NFT pet rocks. The website for these rocks even states that they serve no purpose other than being tradable and limited.
The NFT Paradox: Ownership, Security, and the Right-Clicker Mentality
Blockchain technology is supposed to make ownership more secure a digital ledger ensuring that transactions are permanent, transparent, and verifiable. Unlike a stolen painting, which can be sold on the black market, an NFT’s ownership history is stored on-chain, making it harder to steal and flip.
That’s the theory, at least.
NFT theft is rampant. Many victims aren’t falling prey to sophisticated hacks but rather to phishing scams—getting tricked into signing transactions that drain their wallets. Even major NFT marketplaces have struggled to protect users, and because blockchain transactions are irreversible, stolen NFTs are often gone for good.
Will Your NFTs Last 500 Years
File formats become obsolete, storage methods degrade, and websites disappear.
Wallet passwords get lost—and without access to the private keys, the NFT is effectively erased from history.
- Blockchain itself is theoretically permanent, the actual media associated with NFTs is rarely stored on-chain because that would be too expensive.
- NFTs often link to centralized cloud storage, which is vulnerable to deletion or link rot. Some NFT projects have shifted to decentralized storage solutions like the InterPlanetary File System (IPFS), which functions like a peer-to-peer torrent network. But even IPFS isn’t foolproof—if no one continues hosting a file, it can still vanish.
So, can you pirate NFTs?
NFT Bay was a satirical project that claimed to offer a 19TB torrent containing every NFT on Ethereum and Solana. Whether or not it was real, it exposed an uncomfortable truth—anyone can right-click and save an NFT’s media file.
This sparked a cultural divide
- NFT believers argue that owning the token (the blockchain proof of ownership) is what matters.
- Skeptics mock the idea, coining the term “right-clicker mindset” to describe those who see NFTs as glorified JPEGs.
- It’s a philosophical question: Does value come from ownership or exclusivity
NFTs and the Environment: Are You Melting Greenland?
NFTs run on Ethereum, which (until recently) used a proof-of-work system requiring enormous amounts of energy.
- A single NFT transaction could consume as much electricity as a household uses in days or even weeks.
- Some artists canceled NFT projects after learning about the carbon footprint involved.
- Ethereum has since switched to proof-of-stake, drastically reducing energy consumption. But many NFTs still rely on older, energy-intensive blockchains, so environmental concerns haven’t disappeared entirely.
NFT Parties, Underground Bunkers, and the Weird World of NFT Culture
NFTs have evolved beyond just digital art—they’re becoming a lifestyle a social scene, and even a form of entertainment.
- NFT parties at events like NFT.NYC are part tech conference, part art show, and part exclusive nightclub.
- Some people store NFTs in underground bunkers, treating them like priceless treasures (even though they’re just files on a hard drive).
- There are even NFT backed TV shows like Stoner Cats, which requires an NFT purchase to watch.
What is an NFT?
NFTs (Non-Fungible Tokens) are unique digital assets stored on a blockchain, proving ownership and authenticity of items like art, music, and virtual goods.
Frequently Asked Questions
How do NFTs work?
NFTs use blockchain technology, typically Ethereum, to verify ownership and prevent duplication. Each NFT has a unique metadata identifier.
Are NFTs cryptocurrencies?
No, NFTs are unique and non-interchangeable, unlike cryptocurrencies like Bitcoin, which are fungible.
Why do people buy NFTs?
Buyers seek NFTs for digital ownership, investment potential, community access, or artistic appreciation.
How are NFTs bought and sold?
NFTs are traded on marketplaces like OpenSea, Blur, and Rarible using cryptocurrencies.
Are NFTs valuable?
Value is subjective, based on rarity, utility, demand, and creator reputation. Some NFTs appreciate over time.
Are NFTs environmentally harmful?
Some blockchains use high-energy proof-of-work systems, but newer eco-friendly solutions like proof-of-stake are emerging.
Can NFTs be copied or stolen?
NFT metadata can be copied, ownership and transaction history remain verifiable on the blockchain. However, scams and hacks exist.
What industries use NFTs?
NFTs are used in gaming, art, music, fashion, real estate, and even ticketing for events.
Are NFTs a good investment?
NFTs are speculative and volatile. Due diligence is essential before investing.
Conclusion
NFTs revolutionize digital ownership by providing verifiable, blockchain-based proof of authenticity for digital assets. While they offer exciting opportunities in art, gaming, and collectibles, they remain speculative investments with risks such as volatility, fraud, and environmental concerns. As blockchain technology evolves, NFTs may integrate further into mainstream industries, enhancing digital rights, virtual economies, and creative monetization. However, success in the NFT space depends on adoption, regulation, and sustainable solutions. Understanding NFTs’ risks and rewards is essential before engaging in this dynamic digital economy.
