I have no idea what an NFT is.

I have been scrolling through Tumblr recently and keep seeing memes about NFT’s and I have no idea what it means. Please explain to me what any of these are going on about!

I thought I would do the research, so you don’t need to, and then document what I find.

Join me in my Yorkshire Tea-infused, Google searching and slightly confused journey to discover the meaning of NFT and why we should care.

NFT – the acronym

Apparently, NFT means Non-Fungible Token. Great, now I’m even more confused. (I thought it stood for Non-Fundable, so that’s my initial idea out the window).

Non-Fungible Token means something that is not Fungible and can’t be swapped for something similar. So, for example, money or bitcoin can be swapped for something of equal value, but an NFT is unique and doesn’t have an equal alternative. However, NFTs are still a form of cryptocurrency.

Money Under 30 states “NFTs, like cryptocurrencies, are stored on the blockchain. A blockchain is like a giant online ledger that records cryptocurrency transactions and other data”.

So, what does an NFT look like?

Digital art! These NFT’s are online versions of a non-tangible item and are usually digital artwork or photography. But they can be music, AI code or even a Tweet. As the buyer of the NFT, you are the new owner of that Digital Art; you are buying the ownership as there isn’t a physical copy, just as an art collector is an owner of a one-of-a-kind painting.

Just like the one-of-a-kind painting, there are probably copies. You can technically own a copy of the Mona Lisa, but that doesn’t mean you own the original… although that would be cool.

Examples of NFT’s can be the selling of the Nyan Cat Gif. This was sold for $600,000!

Jack Dorsey, Twitter’s CEO, sold the very first tweet on the platform (made on March 21, 2006) for nearly $3 million as an NFT.

Beeple’s “Everydays: The First 5000 Days”, which was the first NFT and was officially auctioned at an auction house, was sold for $69 million!

So, NFT’s can sell for a lot of money…. OK, I’m going to hop onto InDesign and make my fortune.

What does this mean for marketers?

As someone who decided to sell an NFT, you need to provide something digital that is worth buying. Ideally, this will be designed by a graphic designer, photographer or videographer in your marketing team. I can’t guarantee you can sell anything you make for $600,000, but you can give it a go!

As a marketer who decides to buy an NFT, you will have 100% usage rights of that piece of art without any restrictions that you may have with Copyright. Put the art you buy on your merchandise or post it all over your online marketing material! It’s now yours, so do with it what you will.

Where can you buy an NFT?

According to The Verge, several marketplaces have popped up around NFTs, which allow people to buy and sell. These include OpenSea, Rarible, and Nifty Gateway, but there are plenty of others.

Would I suggest buying an NFT?

Well, it depends on what your goal is. If you want bragging rights, then sure! Or if you like some art you see for sale and want to use it in your marketing. You may also buy an NFT to support a friend selling their art.

On the other hand, NFT’s look like a bit of a fad and will probably disappear just as quickly as it appeared, just as the Dogecoin was. For those who are unaware, Dogecoin is another form of cryptocurrency but was initially created as a meme version of cryptocurrency, designed to make fun of the fad and, more specifically, Bitcoin.

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