NFT is short for “nonfungible tokens,” which are a specific type of cryptocurrency that represents something unique and original. These digital objects can be used to purchase or trade digital items online, kind of like a Yu-Gi-Oh! card or an exclusive sporting card but online in digital form. Now, we are seeing celebrities and electronic artists hopping on board the NFT train. ODESZA became the first of many electronic artists to announce the debut of an exclusive NFT. Others include both Deadmau5 and Flume. Now, Tesla CEO Elon Musk is creating his own NFT.
Recently, NFT’s have been selling for outrageous price tags; a clip of Lebron James rejecting a defender on a fast break sold for $10,000. The growing phenomenon has spread so quickly that even the Associated Press has joined in, auctioning off an NFT electoral map of the 2020 U.S. presidential election. Furthermore, Jack Dorsey (CEO of Twitter), is auctioning off his first tweet on Twitter as an NFT.
It will be exciting to see how NFT’s progress throughout this growing phenomenon and if Elon decides to sell any other techno-inspired artwork.
I’m selling this song about NFTs as an NFT pic.twitter.com/B4EZLlesPx
— Elon Musk (@elonmusk) March 15, 2021