Dipping My Toes Into The NFT Market

When I first heard about NFTs (Non-fungible Tokens), I had a similar thought as the one I had when first hearing about Bitcoin, which was ‘that doesn’t make sense’ and ‘it won’t last.’ With Bitcoin, it is years later, and it is still going strong, having reached a peak of over $63,000 in April 2021 per token. As of the time of this writing, however, we have seen a major dip in the market, and Bitcoin has recently seen a low of $20,000 per token. But we have seen dips in the past, and it recovers.

Like Bitcoin and cryptocurrency mining, with NFTs I waited and watched before deciding to do some more research and seeing what all the fuss is about.

What are Non-fungible Tokens?

Items that are fungible can be replaced by another one of the same. For example, a Bitcoin is fungible because one Bitcoin is equal and can be replaced by another Bitcoin. One US dollar is fungible because one dollar is equal to another dollar. When buying a photograph from a stock photography site, that photograph is fungible because someone else could purchase the same picture for the same price, and people would not have any way of knowing the difference between each image.

An item that is non-fungible means it is unique and cannot be replaced by something else. A non-fungible token is a data unit stored on a…