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2021: Creating a Lexicon of Future
N is for NFTs
I wrote about NFTs in March 2021 after three different articles appeared in my facebook timeline, each with a different perspective. Calculating the Price of Magic explored the invisible costs of this new thought form.
What is an NFT?
It stands for “nonfungible token.”
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. It’s how cryptocurrency like Bitcoin is bought and sold.
Democratizing NFTs
Most people first heard about NFTs after the $69MM Christie’s auction of Beeple’s ‘The First 5000 Days’:
Since then there have been a slew of articles questioning the cost of the technology and the real value to people other than the elite art crowd.
