What is an NFT? The trendy blockchain technology explained – CBS News

What is an NFT? The trendy blockchain technology explained – CBS News

In early March, a tech company bought a piece of art worth $95,000. Then the executives lit it on fire. At the end of the spectacle, which was shared live on the internet, the group unveiled a copy of the art, this time in digital form. The creation, by elusive British artist Banksy, was called “Morons (White).” 

As for the digital format, it’s getting more hype than the painting and the burning put together. It’s a rising type of technology called a non-fungible token, or NFT. Think of an NFT as a unique proof of ownership over something you can’t usually hold in your hand — a piece of digital art, a digital coupon, maybe a video clip. Like the digital art itself, you can’t really hold an NFT in your hand, either — it’s a one-of-a-kind piece of code, stored and protected on a shared public exchange. 

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A print by street artist Banksy burns on March 3, 2021, before buyers present a digital copy to the public.
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