NFTs can be proof of ownership of digital assets like pictures or music. Some artists are cashing-in on the NFT craze but you can also lose money to a volatile market and even scammers.
There are no guarantees or government regulations in the NFT world but your images could be worth money when you turn them into NFTs.
NFT stands for, non-fungible tokens, meaning it’s a unique asset. They’re created online on a blockchain, which is essentially a digital record of transactions.
“So then people can have a proof of ownership,” said Chicago digital artist Willea Zwey.
She said she is cashing in on the craze by turning her digital images into NFTs and selling them.
RELATED: What is an NFT? Experts explain what ‘non-fungible token’ actually means
“So, the technology of, like, NFT’s really enables — that it really gives that sovereignty to the artists and to enable them to, kind of like, make money and to monetize from selling their art,” Zwey said.
But can people right-click on NFTs and copy them?
Zwey says yes, but “they’re not a collector. Only the collector has the proof on the blockchain saying they are the owner. They’re the only owner of that piece.”
Then the real owner can cash in.
Even if you’re not an artist, you can buy and sell other NFTs. It’s like buying and selling investments in a virtual art gallery.
The warning to consumers…
