William Serrano ’23, leader of the Crypto Connect club, provides insights into NFTs and shares some of his own:
NFTs, or Non-Fungible Tokens, are essentially forms of digital data stored on the blockchain (an unchangeable list of actions that has the ability to host transactions made with cryptocurrencies). They usually manifest in forms of cartoon art, but can also be photographs, videos, and even music. There are various platforms used to purchase NFTs, but Opensea is currently the largest platform to do so. When someone purchases an NFT with cryptocurrency, usually Ethereum, they are then the only person who actually owns that image–other people may screenshot the image, but they do not own the unit of data on the blockchain that corresponds to the image they bought.
Below are some of William’s most recent NFTs.
NFTs can be very desirable and expensive. In fact, the most expensive NFT ever sold, “The Merge” by digital artist Pak, was bought for about 91.8 million dollars.
Recently, I’ve created a collection of NFTs. If you are interested, check out my profile called OGatorMan (and other profiles) on Opensea.io. Use this link to view my latest collection: https://opensea.io/collection/mischievous-animalz