Source | Influencer Marketing
NFTs are non-fungible tokens. They are unique items that you can’t replace with something else. For example, a one-of-a-kind trading card is an NFT – you can’t just replace it with any other card. If you trade your card for some other card, you have something different. These differ from fungible items, which are often the same as each other. If you trade one bitcoin for another, you end up in the same position as where you started, for instance. On the other hand, if you swap a near-worthless mass-produced late 80s baseball card for a 1909 American Tobacco Company T206 Honus Wagner card (valued at over $1 million), you’ve done very well for yourself.
Nowadays, most NFTs tend to be digital. This makes it particularly easy for creators to give their supporters something rare and unique. Some NFTs, for example, are digital artworks, and people are now collecting these digital artworks, just like collectors have collected physical paintings for years. And some of these NFTs have gone for extraordinary prices. One NFT artwork by a digital artist called Beeple sold for $69 million at Christie’s.