What is an ‘NFT?’ We Asked Five Business Majors to Explain

In the last few months, you may have heard a new phrase used amongst your more successful friends when describing online art. This new phrase, known commonly by the acronym ‘NFT,’ stands for non-fungible token and essentially is a concept that allows for a unit of data, typically a digital image or piece of artwork, to be stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. But what does all that mean, really? And why are people paying millions of dollars for something that boils down to essentially a .jpeg file? We were also curious, so we asked 5 business majors to explain what NFTs mean to them.

Here is what they had to say.

Candyce Martin. 32. CFO of Bingbo. NFTs are the future of art, at least so far as it pertains to humans. But just as a start. Us executives started designing products for aliens years ago. A truly untapped market that you definitely don’t want to miss out on. This is why, in the spirit of preserving art for future human generations (and more realistically future alien generations, we are trying to create the most durable version of the art we can. You’ll thank us in 2983. Trust us.

The Winklevoss Twins. 39. Starred in The Social Network. NFTs are the future and we need to get everyone on board. It might sound silly now, but think back on your life and how much art you let fall to the wayside because you didn’t think someone was interested in it. Well now you could create an NFT of your art and let investors like myself by into your art, allowing you to benefit from the sale of that art from now until the end of time. Can you imagine anything more important to be working on? Even if the world collapses, your art will survive. Talk about a billion dollar idea. Please tell us we’re smart.

Dexter Fason. 50. CEO of Brainstorm Capital. So, you know what a JPEG is? Yeah, it’s like that but it costs a lot of money and it probably takes killing a rainforest to keep online. Might as well sprint to the finish line, eh?

Juliana Godderd. 23. Intern at Soho House NY. I was in the bathroom doing coke with Jack Dorsey last weekend and he told me all about NFTs. I was surprised more people aren’t talking about them or taking advantage of them, but he assured me that it was still early enough to make a killing of off. I asked him what made them different from a pyramid scheme or just another cryptocurrency. He told me to ‘mind the vibes’ and then threw up all over the light up dance floor. So I bought a few the next day and already have made a cool mil from it. I guess I won’t have to work after all. Still not 100% sure what I did if we’re being honest, but not complaining.

The Wise Old Man I get my investment tips from. ???. Vice President of the Summoners Guild. The more we attempt to play god, the angrier They will be at us when the time comes for us to be judged. We must not forsake Them the way that our forefathers did. We must not stray from the path of righteousness. Invest in Dogecoin today.

So from what we can tell, it sounds like NFTs could be good for making money, but could also bring about the end of the world? So there’s valid points on both sides.

What do you think about NFTs? Whisper it to the nearest bluejay.

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