20 Jun What the Heck Is an NFT Anyway?
Here at SEO James, a digital marketing agency based in Boca Raton, Florida, we love exploring ways to make online marketing work for our clients, so we stay up to date on happenings in the digital world. But we wouldn’t go so far as to call ourselves techno-geeks.
So, when it came to trying to get a handle on NFTs – or non-fungible tokens – we turned to the tech experts at Webroot. Their explanation of NFTs not only does an excellent job at breaking the concept down into terms most of us can understand (understanding the appeal of NFT art is another matter entirely), but they also delve into the possible implications and uses of this new digital development.
NFTs: The Basics
As the folks at Webroot explain, “An NFT can be thought of as a sort of digital deed. It is unalterable proof of ownership of a unique digital asset. That’s what the ‘non-fungible’ in non-fungible token means: there’s only one, and it’s completely unique.”
Apparently, they rely on the same kind of blockchain technology that supports cryptocurrencies. You don’t need to understand the technical aspects of blockchain tech (which is a good thing, because, as we said, we are not techno geeks and while the blogging ninjas on our team are fantastic when it comes to crafting effective SEO-rich content that will drive organic web traffic to your website, they have assured us that they are not about to attempt an explanation of blockchain anything). All you need to know is that it allows the authenticity of a unique NFT to be validated.
If you’ve heard about NFTs, chances are it had something to do with the sale of NFT art, such as the sale of an NFT by Beeple (yes, that is the artist’s name) called “The First 5000 Days,” which sold for $69 million. (Seriously!)
But art isn’t the only realm where NFTs are making inroads. As Webroot reports, “The pro sports, music and meme industrial complexes have all entered the business. Even social media posts are being turned into NFTs; the digital certificate for Jack Dorsey’s first-ever Tweet sold for $2.9 million.”
Some think that NFTs will ultimately have an impact on things like real estate transactions and cybersecurity. Others believe that they are the latest bubble in the tech world and are eagerly waiting for it pop.
The online marketing wizards are reserving their judgement – for now. If it turns out the NFTs will have an impact on search engine optimization or website development, you can be sure that we’ll be on top of it. Until then, we’d love to know what you think. Would you invest your money in an NFT?