FAQ
22 questions about the insanely lucrative, uniquely confusing, distressingly scammy, and quite possibly revolutionary world of non-fungible tokens.
SECTION 1
THE BASICS
1 SO WHAT ARE NFTS, ANYWAY?
In essence, an NFT, ornonfungible token, is just a record that someone owns something. That record lives on the Ethereum blockchain—an ongoing, impossible-to-fake public ledgerthat shows everyone who’s ever owned the thing in question. (So even if someone can copy and paste your cartoon of an ape, the real one—the only real one—is clearly and incontrovertibly yours.) Of course, NFTs aren't just small artworks—they can serve as contracts or tickets to events or memberships in clubs. And, in some cases, they're shockingly valuable: It’s not unheard of for certain NFTs to run to six figures. And, uh, people spent around $20…
