NFTs, or "non-fungible tokens", are a quickly growing
space for artists and investors alike. The rapidly growing interest
in NFTs is likely due to the shocking value an NFT can attain and
the incorporation of blockchain technology. One piece of NFT
artwork, Everydays: The First 5000 Days, sold for a
whopping $69 million. $69 million is a lot of money to spend on
anything, but this is just one example of many NFTs fetching
massive price tags.
In one sentence, an NFT is a non-interchangeable, digital asset
that is backed by a certificate of authenticity stored in the
blockchain. The name "non-fungible token" simply means
that, in contrast to a traditional currency, an NFT cannot be
interchanged. To illustrate this, consider that when you go to the
coffee shop on the corner and buy coffee and a donut for $5, the
cashier doesn't care whether you pay with five $1 bills, a $5
bill, or even a $20 with expected change – the dollar is
fungible. On the other hand, an NFT
