WTF is Going on with NFTs

ICYMI, it seems that NFTs, or Non-Fungible Tokens, are making headlines everywhere you look lately. NFTs are simply unique digital files that represent art, audio, video and pretty much anything else that can be recorded digitally. When the files are put into a digital ledger, it basically tags them with a unique identifier and tracks them like a limited print in an art collection.

The interesting part about NFTs lately is the strange motivation that’s causing these digital files to explode in popularity. For example, just last week a JPG file from the artist known as Beeple sold for $69 million at Christie’s, setting a record for digital artwork. Couple that mind blowing figure with the founder of Twitter, Jack Dorsey, recently offering to sell his first tweet for charity. Elon Musk created a song about NFTs, which he tweeted he would sell as an NFT and later rescinded the offer after a $1 million dollar bid, claiming it didn’t feel right. Taco Bell commissioned and sold artwork as NFTs to support their youth scholarship fund and Charmin (the toilet paper) did the same thing with their contributions going to the humanitarian aid group Direct Relief. The fact is, there are countless stories of people and brands delving into the world of NFTs. Is it a FOMO moment? Where is this trend going? Will it die off after the initial BUZZ has faded? Those are the questions we pose to you, fellow human.

FYI – For Your Information, we collected some of the acronyms we used in this week’s BUZZ, so you wouldn’t have to go digging around for them.

  • FOMO – Fear Of Missing Out
  • ICYMI – In Case You Missed It
  • NFT – Non-Fungible Tokens
  • WTF – What The F*ck (yeah we censored it—don’t judge us)
  • SOURCE: Multiple
  • BRANDS: Twitter, Taco Bell, Charmin, Elon Musk, Beeple