Everyone is talking about NFTs. With tweets, pictures of gorillas, and classic internet videos selling for thousands of dollars, it’s only natural to wonder just what’s going on with the NFT craze. What are NFTs, and why are they so popular? Social media personality Emery EXP has been keeping up with this exciting trend, and she’s more than happy to answer a few common questions and explain the broad strokes.

What are NFTs?

NFTs are complicated but perhaps not as complicated as popular media would have you believe. The acronym NFT stands for non-fungible token, but what does this term mean? What can you do with one, and what value does it hold?

At its most basic level, an NFT is a visual media file containing a picture, GIF, or video. However, it is not the file itself that holds the value; instead, the value is in what the file can do, what it represents. 

As Emery EXP explains, “A non-fungible token is sort of like a copyright. Think of it this way: if you buy a house, is the value in the house itself, or in the deed to the house? Like the deed, an NFT proves that you own whatever it is that the deed goes to. 

What value do NFTs have?

“NFTs are proof of ownership, so to speak, but here’s the thing about NFTs: NFTs can be sold, but ownership doesn’t actually change.” This means that whoever made the original entity can still hold it, and those that wish to copyright the work can keep the value of that entity indefinitely; although copies and versions of the work can be sold, the original owner can set a royalty fee to be paid for every sale.

NFTs sell for anywhere from a few dollars to $69 million in some cases. Some of this inflated pricing is due to its artistic legitimacy, but other NFTs have practical real-world usage. Because NFTs are on the blockchain, they are recorded forever on that blockchain. This solves one of the main problems facing our current record-keeping system, the Register of Deeds. 

What do NFTs do? What purpose do they serve?

In the United States, we currently use a system called the Register of Deeds to record everything from titles to cars, deeds to homes, and many other important permanent records. There are a few problems with the system as it stands: the Register of Deeds is recorded at one central system, and many places still haven’t gone digital, relying only on fragile paper copies to preserve information permanently. Nevertheless, NFTs are permanent digital records like those stored in the Register of Deeds. 

Emery EXP describes another interesting case in which a man tied the ownership of an NFT to an LLC in real life. “By doing so, he did an interesting thing: whoever owns the NFT owns the LLC, and whatever that LLC holds: in this case, a house.” As Emery EXP explains, whoever owns the NFT owns the LLC, and therefore, owns the house; the proof is recorded permanently on the blockchain. This is just one of many real-life functional usages of NFTs. 

NFTs in the Metaverse

The metaverse is tying NFTs to redeemable items in real life. If you want to go shopping in the metaverse, you walk into a virtual shoe store and try on a pair of shoes. The goal is to recreate people in the metaverse, right down to their specific sizes and characteristics. This would allow you to try on shoes virtually to decide if you would wear them in the real world. If you decide you want them, you buy an NFT of those shoes and the company sends you the physical pair in the mail. In the digital age of shopping, funds can be easily transferred from Metamask or deducted directly from your wallets. This revolutionary technology has created an easier way to shop.

Sharing NFTs with the World

According to Emery EXP, “NFTs are not nearly as confusing as they’re made out to be. With a bit of cursory reading, just about anyone can get in on the NFT action.” NFT technology is still in its infancy, and with such a wide range of potential uses and applications, it is unlikely to be going away any time soon. Emery EXP believes that everyone should learn about NFTs to avoid missing out on the exciting early days of this incredible trend.

For more information on Emery EXP, please visit:

Website: www.emeryexp.com

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