Chic Cryptocurrency 101 - What is an NFT

Chic Cryptocurrency 101 - What is an NFT

3 minute read

What the Heck Are NFTs and Why Should You Care

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A non-technical look at what NFTs are, what they do, and how to get involved with them.

nft bzl in miami cydney mcmillon

CEO Cydney McMillon @ NFT BZL in Miami -November 2021

Part of being a boss means handling your money well and staying up to date on what investments are available to grow your hard-earned cash. It's always important to do your own research and fully understand what you're putting your money into and these days, new investment classes are popping up constantly. NFTs especially have a tendency to be confusing and as of late have been selling for stifling amounts of money. Here's what you need to know.

What They Technically Are

Typically, NFTs (non-refundable digital tokens) are a piece of digital art on the front end (the part that you see) and a string of computer code on the back end known as a smart contract. They live on a blockchain (like Ethereum or Solana), which keeps a ledger of transactions that prove valid and true ownership.

In plain English, they're a digital asset. It's helpful to think of them as digital collectibles, like dolls or shoes (especially sneakers, which have a large collectors culture around them).

Because transactions are recorded unalterably on the blockchain, utilizing NFT technology serves as a sort of public and digital record of ownership for each piece. This helps explain why they're selling for so much, especially given the fact that the art portion can be simply screenshotted. Essentially you're buying ownership when you purchase an NFT, with an image, video, or other digital aspect associated with it. You can copy it, but you can’t fake actually owning it. Thus, NFTs can serve as a status symbol. 

Owning a Crypto Punk NFT communicates a certain level of status in the NFT community (Crypto Punks is one of the pioneer projects in the space and one of the NFT projects whose pieces sell for hundreds of thousands of dollars and more).

NFTs do for your online persona what wearing a Prada or Gucci handbag might do for your physical perception.

NFTs are a new investment asset class and are here to stay, although their purpose is constantly evolving. Keep in mind none of this is financial advice and you should always seek professional advice and do your own research. We have included links to resources to get you started. We hope this gives you a jumpstart into doing that research and helps you dip your toes into the wonderful world of NFTs. 

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NFTs (non-refundable digital tokens) are a piece of digital art.  NFTs are a new investment asset class and are here to stay, although their purpose is constantly evolving.  NFTs do for your online persona what wearing a Prada or Gucci… read more

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