What is an NFT? | News

NASHVILLE, TN (WSMV) – Many of you have heard stories about NFTs selling for tens of thousands, sometimes millions of dollars.

Experts explained to News 4 what they are and if you should be buying them. The letters NFT stand for the non-fungible token, and in a nutshell, they’re digital originals.

People used to collect baseball cards, and they became collectors’ items. However, the cards could bend or break. Someone could steal them or make a copy. That is not the case when it comes to NFTs.

“It’s like a baseball card that you never have to worry about,” consumer expert Bruce McCulley said.

McCulley said think digital art, pictures, videos, and songs that are originals that can’t be compromised.

“There’s a methodology for keeping track of exactly where that signature item is any time on the planet,” McCulley said.

What exactly is it? And should you really invest? News4’s Carley Gordon breaks it down in a way we can all understand.

McCulley explains why people want NFTs.

“You may today buy an NFT for a dollar,” McCulley said. “Or you could buy that same NFT in a week for a million dollars.”

McCulley said Taco Bell NFTs are pretty popular.

“These are actually going for pretty high numbers like tens of thousands of dollars,” McCulley said.

McCulley explained if NFTs are a good investment.

“As long as somebody wants to buy it,” McCulley said. “I don’t think I’d be wrapping my retirement money up in NFTs.”

As for who should be buying, McCulley said the same people who back in a simpler time may have enjoyed having a mint condition 56 Jackie Robinson.

“This is for somebody that is fascinated with collecting things and just a way to collect digital things,” McCulley said.

So far, the most expensive NFT ever sold is this image created by Beeple. It’s called the first 5,000 days. It sold last year for $69.3 million.

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