Those three little letters pop up now on the regular. From late-night talk shows to water cooler talk, NFTs are getting harder to dodge. Harder still if you have a semi tech-savvy friend group that keeps dropping the internet buzzword into conversation. Most people fall somewhere between “WTF is an NFT?” and throwing down half a million for the Nyan Cat GIF. If you’re on the side of the former, we’ve got you covered. (If you’re the latter, let’s talk investment opportunities!)
LET’S BREAK IT DOWN.
NFT = non-fungible token.
Yeah, that’s not any clearer is it? Essentially, non-fungible means something that can’t be replaced. Your lucky pair of Crocs? That’s not it. Van Gogh’s The Starry Night on the other hand, now that’s non-fungible. It’s a one-of-a-kind piece of art.
You might be thinking, but wait, I had that poster in my dorm room. And, sure, that may have been a statement next to your framed print of “Scarface.” Sorry bro. It was just a replica.
When you hear “NFT,” think original. Think, unique. Think of them like a distinct digital receipt that proves ownership of virtual items. With an NFT, you can buy and sell things like images, video clips, or even an animation of a Pop-Tart-bodied cat rocketing through the night sky (enter Nyan Cat GIF). Hell, Twitter CEO Jack Dorsey sold his first tweet as an NFT for $2.9 million.
HOW DO I GET MY HANDS ON ONE?
First, an NFT is created or “minted” from a piece of digital content. Then you can buy the NFT, usually with cryptocurrency, on a marketplace like Opensea. When you purchase that NFT, your transaction is verified on a blockchain—a sort of digital, public database. In the end, buying an NFT is more than just nabbing a digital file; it’s purchasing bragging rights for the whole world to see.
Bragging rights are one thing, but NFTs are evolving from just another internet fad (what ever happened to planking by the way?). They are changing the way that companies create value for virtual goods and communicate with their customers.
Digital products are easy to counterfeit, and that makes them
less impressive pretty worthless. Why pay for something you can get for free? But NFTs offer something new. With an NFT, you can make the average, valuable. The easily accessible becomes incredibly rare. Take the NBA. The NBA is minting highlights from basketball games as NFTs called “moments.” Sure, you can watch highlights on YouTube, but only one lucky person actually owns each of those moments, and that’s the whole point.
Because NFTs offer new digital product opportunities, companies are also using them to increase brand awareness. Taco Bell jumped on the NFT bandwagon by selling Taco Bell NFT GIFs. Why anyone would pay $1,200 for a digital taco when they could pay the same amount for 1,200 real tacos, we’ll never know. But it worked! The NFT GIFs sold out within 30 minutes and created plenty of media buzz in the process.
As of now, NFTs are packing the biggest punch in the digital art and collectible world. But, it’s very likely that they will eventually include other virtual and physical assets as well, encouraging companies to develop new ways to interact with their consumers.
THE NFT LANDSCAPE
You get the picture. NFTs are game changers. As T!LTed Thinkers, we’re always looking out for impactful and exciting engagement tools to add to our wheelhouse, and we’re eager to see how our clients embrace NFTs. Fascinated? Excited? Slightly terrified? Same. So let’s follow along and watch those three little letters continue to spark major change.
- SNL An SNL sketch that describes NFTs with two key points of interest: a superhero suit and a rap song.
- Fact vs Fiction Jimmy Fallon A segment on The Tonight Show where Jimmy Fallon teaches us (and probably himself) about what an NFT is and what it definitely is not.
- Sunday Morning CBS A video that explains the NFT craze and interviews Beeple. Not sure who Beeple is? Guess you better click that link.
- NFT’s, Explained A YouTube video that may be way too long to actually watch but will clear up any questions you have about NFTs. Or it’ll die trying.
- How to Boost Brand Loyalty with NFTs A brief video all about how NFTs can up your brand loyalty game.
- NFTs, the metaverse and the future of digital art A recorded TED talk (so you know it has to be good) with a look into how NFTs are changing the game for artists and content creators alike.
- NFL An article explaining how the company that co-created the NBA Top Shot Platform is tackling NFL NFTs.
- Confused about NFTs? An article that not only tells you what an NFT is but also how to make your own.
- NFT FOR DUMMIES : The Most Guided Explanation Of NFTs An in-depth article that explains NFTs and lists plenty of examples.
- Why an Animated Flying Cat With a Pop-Tart Body Sold for Almost $600,000 An article about NFTs from The New York Times.
- He’s just 12 years old and has already made over $350,000 selling NFTs An article that won’t make you feel bad about yourself at all.
- Martha Stewart Does NFTs—Jack-o’-Lantern Art and a Seductive Selfie A Wall Street Journal article to remind you that Martha Stewart is hip with the times.
- What Are Crypto Gift Cards? Here’s How To Buy Them This Holiday Season An article all about the perfect gift that says, “The only thing I know about you is that you tweet about NFTs…a lot.”
- NFTs Are Conquering Soccer An article all about the love story between soccer fans and NFTs.
- Oh goodie, now everyone can share NFTs on Instagram or Facebook An article documenting the ability to share NFTs on Facebook and Instagram.
- NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes A list of NFT memes to send to your finance bros when the groupchat is drying up.
- Non-Fungible Token Memes That Help Us Understand And Laugh At NFTs Another list of completely different NFT memes.
- Michael Jordan A really good meme featuring two things we like: Michael Jordan and NFTs.
- This is clearly the most interesting part of NFT for me A solid NFT meme featuring Leonardo DiCaprio.
- NFTs For Dummies (For Dummies (Business & Personal Finance)) A whole ass book about NFTs in case you’re in the mood for some light reading.
- Sad Tweet An incredibly accurate and slightly sad Tweet.
- NFT Memes An entire Twitter account dedicated to NFTs.
- Probably Nothing is always something when it comes to NFTs. A podcast for when you want to learn more about NFTs, but you also need to do your laundry.