If you’ve been hearing the term non-fungible token (NFT) but still aren’t sure what exactly one is — or why someone would buy one — you’re not alone. Here, we break down how these digital assets work and whether or not they’re worth investing in.
Meet the expert: Andrew Klein is the SVP of Web3 Brand Strategy and Innovation at Publicis Media. He’s an NFT expert and innovator, launching digital collectible experiences for dozens of brands, artists and creators.
What is an NFT?
In the most simple terms, NFTs are unique digital collectibles, like drawings or music, that exist on blockchain technology and can be bought and sold as assets.
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“These aren’t just pictures of digital art you can right click and save, but contracts that state you, as the owner, can use to unlock something special,” explains Klein. That something special might be membership access, a cool perk or entry to digital or real-world experiences.
But let’s back up a bit: What is a blockchain? The underlying technology that NFTs are built upon and stored, a blockchain is a…