Non fungible tokens, or NFTs, have gained popularity in recent months, as they’ve shown a new way to sell art and NBA highlights — in some cases for millions. But the new hotness for collectors and investors isn’t brand new for technologists, as NFTs have been around since at least 2017.
Still, the popularity is leaving many wondering how, exactly, an NFT works, so Technical.ly spoke with a couple of Baltimore pros who have experience with NFTs to learn more about the technology, and why it’s having economic impact now.
In essence, a nonfungible token is digital verification that an item is authentic and unique. This is powered by the Ethereum blockchain, which is the same kind of technology underlying a cryptocurrency like Bitcoin or Dogecoin.
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