This comic explains them quite well.
SaaS CRM provider Salesforce has proposed to launch a platform for trading non-fungible tokens (NFTs). For those who prefer living under rocks to the hellish infotainment torrent of the 21st century, NFTs are non-interchangeable digital units stored on an immutable blockchain ledger. Why do we care? Money. Reportedly, digital …
"NFTs are non-interchangeable digital units stored on an immutable blockchain ledger."
unless you screen grab them or ... goodness no... record them to physical medium.
The more digital something is, the easier it is to reproduce. Meaning any 10 yr old with microsoft paint is now an artiste, which is exactly what they need... more kids buying in. Bernie bros are now crypto bros. We learned NOTHING.
You know what, I think I figured out what's going on with NFTs.
It's a form of cargo culting.
Some people noticed that a bunch of Highly Active twitter types who had got lucky and made money on crypto also owned stupid monkey NFTs. So, the thinking goes, the way to be a rich crypto bro is to own a bunch of stupid monkey NFTs.
And...that's about it. You set up a collection of NFTs because owning some themed NFT is the signifier of a cool rich crypto person. You buy them because...see above.
I don't think any of them even *really* expect their weird pixel art NFT to be worth any money in the long term. It's just that owning a weird pixel art NFT is the thing you do to be a part of this thing you want to be a part of...
Wooo! Look at all the useful things I can do with my big meaningless list of numbers! I can, erm, print it out! And some other stuff too!
When this bubble pops, I think I might laugh so hard I need hospital treatment.
"The UK tax authority has seized three Non-Fungible Tokens (NFT) as part of a probe into a suspected a VAT fraud involving 250 alleged fake companies.
HM Revenue and Customs (HMRC) said three people had been arrested on suspicion of attempting to defraud it of £1.4m.
The authority said it was the first UK law enforcement to seize an NFT.
NFTs are assets in the digital world that can be bought and sold, but which have no tangible form of their own.
How do you *seize* something that doesn't exist :)