Written by

Bernard Marr

Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He is a best-selling author of 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK.

Bernard’s latest book is ‘Business Trends in Practice: The 25+ Trends That Are Redefining Organisations’

View Latest Book

Follow Me

Bernard Marr ist ein weltbekannter Futurist, Influencer und Vordenker in den Bereichen Wirtschaft und Technologie mit einer Leidenschaft für den Einsatz von Technologie zum Wohle der Menschheit. Er ist Bestsellerautor von 20 Büchern, schreibt eine regelmäßige Kolumne für Forbes und berät und coacht viele der weltweit bekanntesten Organisationen. Er hat über 2 Millionen Social-Media-Follower, 1 Million Newsletter-Abonnenten und wurde von LinkedIn als einer der Top-5-Business-Influencer der Welt und von Xing als Top Mind 2021 ausgezeichnet.

Bernards neueste Bücher sind ‘Künstliche Intelligenz im Unternehmen: Innovative Anwendungen in 50 Erfolgreichen Unternehmen’

View Latest Book

Follow Me

What Are NFTs? An Easy Explanation For Anyone

22 November 2021

Are people really paying hundreds of thousands of dollars for 5-second videos of LeBron James’s latest dunk?

Grimes, a Canadian musician and record producer, recently sold approximately $6 million worth of digital artworks at auction, including a one-of-a-kind video featuring her music.

A digitally remastered edition of the iconic Nyan Cat GIF also sold for $600,000.

People are even shelling out hundreds of thousands of dollars for clipart of virtual rocks.

And that’s just scratching the surface of NFTs, the latest trend in the cryptocurrency world.

If you’re wondering what is driving all the interest in NFTs, you’re not alone – so I wanted to write a little primer explaining what NFTs are and why they’re gaining popularity right now.

What Are NFTs? An Easy Explanation For Anyone | Bernard Marr

What Is an NFT?

NFT stands for non-fungible token. Each NFT is a unique cryptoasset that can’t be replaced with an identical item.

An NFT is minted as a representation of a digital or non-digital asset. NFTs could represent:

  • Collectibles like trading cards
  • GIFs
  • Music
  • Videos
  • Animation
  • Legal documents
  • Signatures
  • The deed to a car

On the other hand, bitcoin is fungible. You can trade one bitcoin for another, and you’ll have exactly the same thing. Copies of .mp3 or .jpg files are also fungible.

How Do NFTs Work?

Each NFT can only have one owner at a time, and ownership is managed using a unique ID and other metadata that can’t be replicated. Smart contracts assign ownership and manage the transferability of the NFTs. Currently, the largest NFT marketplaces are OpenSea.io, Rarible, and Foundation.

Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but Ethereum also supports NFTs that store additional information. Other blockchains can implement their own versions of NFTs, and some of them already have.

Why Would You Purchase an NFT?

So why the hype around NFTs right now? Why would you want to purchase an NFT?

One of the benefits of buying art is that it lets you support artists you like – and the same is true for non-fungible tokens. Buying an NFT also gets you some usage rights, like being able to post an image online or on social media.

NFTs also work just like other speculative assets. You could buy an NFT and hope the value goes up so you could sell it for a higher price.

The biggest benefit of owning an NFT, however, is the bragging rights that come with it. You have ownership of a completely unique virtual asset, authenticated by a digital token that lives on the blockchain.

With more artists, creators, and entrepreneurs jumping on this hot new trend, you’re sure to see even more NFTs hitting the market every month. Whether you decide to invest is up to you!

For more information on emerging tech trends like NFTs join my newsletter and subscribe to my YouTube channel, where you can watch videos like this one about how Glenfiddich sold a super-rare whisky as an NFT:

Business Trends In Practice | Bernard Marr
Business Trends In Practice | Bernard Marr

Related Articles

Why Blockchain, NFTs, And Web3 Have A Sustainability Problem

Blockchain – the distributed, decentralized system that helps verify crypto transactions and record ownership of NFTs[...]

The Highlights Of CES 2023 – The Must-See Products You Can’t Miss This Year

Everybody in the world of consumer and entertainment technology has their eyes set on Las Vegas, where CES 2023 is set to open its doors in early January.[...]

The Biggest Tech Innovations And Breakthroughs Of 2022

Each year, a handful of innovations, breakthroughs, and discoveries push the boundaries of what is possible using technology.[...]

The Top Five Web3 Trends In 2023

The term Web3 covers a number of trends that make up what is sometimes called the "decentralized internet."[...]

What Is The Business Impact Of Web3?

Web3 technology is gaining traction — and in many ways, it is leading the charge of political and economic revolution.[...]

Is This Web3 Winery The Future Of Wine In The Metaverse?

I have previously covered a number of projects in the space involving drinks makers partnering with technologists to create innovative use cases for decentralization.[...]

Stay up-to-date

  • Get updates straight to your inbox
  • Join my 1 million newsletter subscribers
  • Never miss any new content

Social Media

Yearly Views


View Podcasts