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NFTs are grabbing headlines. Here’s what you need to know about them

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HONOLULU (HawaiiNewsNow) – You can’t go a single day without hearing about NFTs. Non-fungible tokens.

What are they? And why in the world would someone spend millions of dollars on something no one seems to understand?

That I can not answer.

Enough people have asked about NFTs that I thought we should tackle it again. This time with the help of a music management company embracing the idea of NFTs that are not digital art.

Crown & Ace is a management company for musicians and events. It recently partnered with CurrencyWorks Inc and MusicFX to offer NFTs for fan club memberships.

First, a couple of definitions:

A blockchain is what you might think of when you think of a registry.

It’s a digital record of transactions and ownership. Cryptocurrencies use their own blockchains to record who buys, sells, and owns their currency. Bitcoin has its own blockchain, so does Ethereum, Bitcoin Cash, and Litecoin. By recording transactions on a blockchain, ownership cannot be debated.

NFT stands for non-fungible token. Non-fungible items hold no inherent value. It is worth what the buyer thinks…

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