Alta Live: FAQs About NFTs

NFTs are a billion-dollar industry—but what on earth (or the internet) are they?

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NFTs: the future or just a fad? Non-fungible tokens of bears and apes, backed by blockchain technology, are selling for hundreds of thousands of dollars in cryptocurrency right now, but Ajay Orona, who wrote about NFTs for Alta, said that trend is going to die down. “But NFT technology proving digital ownership? That’s here to stay,” Orona explained. “It has so much momentum behind it right now, it’s not going to die down anytime soon. And I think it’s really changing our ideas of what you can and cannot own in the digital realm.”

Orona took questions from Beth Spotswood and from Alta Live viewers about the potential of NFTs, hitting topics both practical (how to create or buy one) and philosophical (what’s the point?). He emphasized the role that NFTs will play in the coming metaverse, as artwork but also as a way to ensure value and ownership. “I can’t remember anything in my lifetime that touches on technology, the monetary system, and art like an NFT,” Orona said. “When do we get to have these huge, interesting conversations about one thing that connects all of that? To me, that’s fascinating.”

Check out these links to some of the topics Orona and Spotswood brought up this week.

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