wtf is an NFT?
Before I learned what NFT stood for, I attempted to create a list of everything this could be an acronym for and it looked something like this…
Not for tasting
Nobody for taking
Number for tax
Never for testing
Norwegian financial tool
So to prevent your inevitable migraine from creating your own list, we’ve published our ‘wtf is x’ series — to get you from from NFT newbie to NFT nuanced. 💁♀️
wtf is an NFT?
NFT stands for non-fungible-token. I know, I was so close.
When I originally went online and searched ‘NFT’, I was convinced I had gotten it wrong again. I don’t know about you, but non-fungible token does not sound like a real thing. But alas, it is a real thing. A really amazing thing.
Here is the f3 translates definition:
Let’s begin by breaking down the word: non-fungible token
non = not
+
fungible = replaceable or copied
+
token =something of value
When we put it all back together, an NFT is something of value that can not be replaceable or copied.
Why should I care about NFTs?
A historic Hermes purse. An Andy Warhol masterpiece. Serena Williams’ coveted racket from her first Wimbledon win. These are all things that are valuable because they’re special, limited, or irreplaceable — so we think. Fashion, art, and memorabilia are just a few of the categories of things that we’ve created value out of nothing more than scarcity.
But with knockoffs and fakes running rampant on the streets of New York City and all along Facebook marketplace, why would anyone ever pay a premium for these items? Well, because they have the real thing. The tricky part is proving it.
On the blockchain, we never have to wonder if someone’s NFT is real or fake — there’s a public record of when it was minted (assigned a value and put on the blockchain) and it can even tell us how it’s traveled from owner to owner.
The hype around owning things that are one-of-a-kind or exclusive is nothing new. It’s basically how trillion dollar industries work: supply and demand. This effect has only been amplified by NFTs, which have now made it possible for us legitimize ownership of such elusive, high demand items.
NFTs have expanded the way we do business today: artists and creators can raise money for their projects, maintain ownership of their work, and reward loyal fans for supporting them early on. There’s no need for record labels (so web1) or streaming platforms (so web2). So whether you’re designing, minting, or trading NFTS — the possibilities are endless.
Give me an example.
I’ll give you two very different, but equally as cool examples.
One of the most sought after NFTs today is Stoner Cats. Championed by our girl crush Mila Kunis, Stoner Cats is an adult animated short series accessed exclusively by owning one of their collectible NFTs (see image above). The NFT sales directly fund the mini-pilot and all future content.
The show is centered around five house cats who mysteriously become sentient. With their higher consciousness, they realize that their beloved owner needs rescue from a myriad of dangerous situations.
An NFT collection that I’ve been following from the beginning is World of Women — a community celebrating representation, inclusivity, and equal opportunities for all. United by a first-of-its-kind collection, featuring 10,000 artworks of diverse and powerful women. Some of the benefits included in holding an NFT include ownership of the underlying artwork and IP, early access to future collections, and exclusive benefits like raffles, discounts, and events.
All of this is just so fucking cool.
Feeling curious? Check out these other articles from F3.
wtf is cryptocurrency?
wtf is web3?
wtf is DeFi?
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wtf is f3?
f3 stands for fuck 3. Fuck the less than 3% of all venture capital that went to female founders. f3 stands for funding female founders, and that’s what we’re doing. Join our community today: f3vc.com
