ELI5 - what the heck are NFTs?

Author

Zown
September 05, 2023

Sure, I'd be happy to explain NFTs in a simple way!

Imagine you have a special digital sticker that you really like. This sticker is unique – no one else has the same one. This uniqueness makes it special and valuable to you. Now, instead of a physical sticker, think of this special item as a digital picture, video, piece of music, or even a virtual land in a video game. This special digital item is what we call an NFT.

NFT stands for "Non-Fungible Token." "Non-fungible" might sound like a complicated word, but it just means that something is one-of-a-kind and can't be swapped for something else like regular money can. Tokens are like digital certificates that show who owns the special digital item.

So, when you own an NFT, you have proof that you own this one-of-a-kind digital thing. It's like having a virtual certificate of ownership that says, "Hey, this picture or video is officially owned by you!" This ownership is recorded on a blockchain, which is a super secure digital ledger that keeps track of who owns what.

Crypto Punk is a project by larva labs. It holds the record for being the most expensive CryptoPunk NFT to its name. The seller of this NFT is unknown, but we do know the buyer; it was purchased by Deepak Thapliyal, the founder of

People are buying and selling NFTs because they're interested in owning unique digital items that might be art, music, collectibles, or even cool stuff in video games. Artists, musicians, and creators are using NFTs to sell their digital creations and make a living online. It's a bit like having a virtual art gallery or a digital trading card collection.

Remember, NFTs are about owning special digital things that can't be duplicated, and the ownership is recorded on the blockchain. Just like you might collect physical stickers or cards, people are collecting digital NFTs. It's a new way of owning and enjoying digital art and other creations!

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