NFTs Explained

NFT stands for a non-fungible token, meaning that each is unique, and you can't just simply exchange one for another. Its meteoric rise as the most successful entity on the blockchain is projected to be a trillion-dollar industry.?

Have you ever collected or valued something? Was your ownership of those things important? If the answer is yes – you’re well on your way to understanding what exactly NFTs are. But, what if the answers are no, or “I don’t know”? Six months ago, I was legitimately sitting exactly where you are. I was skeptical, and confused. Fast forward to now – I now own more than 100 NFTs. Many people still don’t get it: why the hell would someone pay $36,000, or even $500,000 for a JPEG? To truly understand the value of NFTs, we need to know why things have value at all.?

The psychology behind NFTs compels more people to participate in the blockchain, anchoring each individual's belief about ownership of assets and value. The reasons people buy physical or digital assets go beyond just the financial.

The ownership of NFTs can reflect someone's identity or self-image, which can say something about who you are and the image you want to project to the world.?

Some people want more expression of themselves as an individual – others want to find a sense of belonging in unique communities. Sometimes, people want to own something that is perceived as rare, and valuable.?

Owning art isn't about keeping other people from enjoying it, but understanding and verifying who the one legitimate owner is. The great thing about NFTs is that artists get to sell their work with less fuss, and they earn royalties on every sale of art in the future. In real life, if an artist sells something once, it could trade hands 100 more times. The artist might never even know, and they'll never see a dime.?

But put something on the blockchain, and an artist, creator or musician could get royalties for decades – which is absolutely game-changing for people in creative industries.?

My favorite thing about my NFT portfolio is that it entirely consists of women-led projects. I truly believe that our wallets and how we spend our money is one of the biggest tools for activism that each and every single one of us has. We hold the power to change things with the causes we stand for. (By the way, my portfolio is crushing it right now because women-led projects are absolutely on fire!)??

Have you heard about BFF? Nearly 50 female and nonbinary leaders across crypto, tech, design, business, and many other industries have come together to help start and support the project. Some are still dabblers, others are experts. Together, we hope to foster the next generation of friends in crypto.?

If you're as excited about crypto and NFTs as I am, check out my recent Women In Crypto series with Okcoin, and YouTube content for beginners.