What are NFTs? The Latest Crypto Craze Racking Millions by the Minute

Toni Koraza

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NFT created by Madx.Digital (not for sale)

Not many things capture undivided attention as money does—  roof-high Lambo-buying stacks of money. But instead of dollar bills, imagine cryptography, computers, and electricity. 

I’ve probably lost you already.

Hey, don’t worry, it's not very simple. Most new ideas sound crazy at first. Let me blow your mind further.

Logan Paul made $5 million in one day selling NFTs, Grimes has made $6 million in 48hr, and NBA has racked well over $200 million in the past weeks.

And you can make one today, for free, in minutes, and with no prior experience.

We’re talking about Cryptocurrency and the latest invention that’s revolutionizing the world of art and sports.

Enter, Non-fungible tokens (NFTs).

What is bitcoin? (And what are cryptocurrency and blockchain?)

You’ve undoubtedly heard about Bitcoin. Mysterious figure Satoshi Nakamoto filed a manifesto against the big financial institutions in 2008 following massive financial orgy investment banks enjoyed at the expense of everyone but them. 

The 2008 financial crisis followed. The crisis hit the mid-West and deep-South more than other places. Millions lost jobs, and families were forced to vacate their cities, towns, and homes. One whole post-grad generation was lost. Banks that collapsed the system took the houses from hungry families in America.

People lost faith in Wall Street and the world of high-finance. One mysterious figure set up a cryptography system that will make no room for bankers' greed. The ledgers' system could not bring such destructive events and bring human misery to the American people.

The system was named blockchain.

Blockchain would record everything publically on a ledger and would eliminate systemic human corruption. 

Bankers would not be in a position to abuse the trust of hard-working Americans if everything is made public. The Bitcoin and Blockchain were truly born, and the idea sparked a new revolution in technology.

We don’t know the real identity of Satoshi Nakamoto to this day, but his ideas are changing the world one crazy wave after another.

Is Bitcoin here to stay?

Think of Blockchain as you’d think of the Internet in the 1980s.

Surely, most people never thought it would amount to anything.

Internet is just a strange fad — a thought in the minds of most Americans.

Thirteen years have passed since Satoshi introduced Bitcoin to the public. The idea has never really lost its appeal, even though it has waves of volatile ups and downs. Bitcoin shines through in times of great political and social uncertainty. When the folk stops trusting the Nancys and Trumps of the world, we turn to new ideas. 

Etherium came about seven years later as a more inclusive network. Vitalik Buterin jotted down the idea when he was only 19 years old and successfully implemented it before his 23rd birthday. Etherum went live in 2015 as the alternative to Bitcoin.

Today, one Bitcoin is worth $50,000 and one Etherum $1,600. 

In 2014, one Bitcoin was worth $250, and Ehterum didn’t exist.

What the heck are NFTs?

Now, this is where everything becomes super mind-erupting.

Non-fungible tokens (NFTs) are unique cryptographic tokens, meaning you can produce and store a unique digital asset. Digital assets can be images, animations, music, video clips, etc.

Imagine if you take a photo of your dog and want to store it uniquely for all of eternity. If you turn your photo into an NFT, everyone would be able to see that you’re the real owner of the image. Nobody can take it from you, and it stays recorded on the blockchain with your name as the rightful owner.

Individuals are ready to pay millions to own the rights to a digital asset. If this still sounds crazy, you're right, it is, but so is money, and computers, iPhones, Newsbreak, and the internet.

What’s the value of an NFT could be the first question that comes to mind. I understand. It’s all super techy and mind-boggling.

Here’s a more tangible example.

Have you ever heard about Baseball cards that sell for head-spinning amounts? T206 Honus Wagner’s card sold for $3.12 million in 2016

What is the value of a baseball card? It’s just a piece of paper, right? For some, the value is not worth the pretty penny, or even any penny.

For others, the value is history, culture, a reflection of times, and the market opportunity. Supply and demand make the market, and both Baseball cards and NFTs sell out fast and hard.

Why does it matter? NFTs make sense when you think of art, collectibles, and other pretty things that people value in daily life. An artist can now record his ideas on the blockchain and own them without employing a legal team, registering trademarks, or worrying about anyone taking credit for their work.

Artists can get rid of men in suits that run their lives.

Quick takeaways

What is the price of Bitcoin? The price of one Bitcoin is $50,626 at the time of writing. One Bitcoin is worth a yearly salary of an average American family.

What is the price of Etherium? One Ether is worth $1,676 at the time of writing. The price of Ether matches an average monthly salary at most post-grad entry jobs.

Why does this matter? The idea of Bitcoin, blockchain, and cryptocurrency has only grown stronger over the past 13 years, and it’s changing the world of art and sports.

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