Kansas City, Mo. — As an author, podcaster, and all-around guru for anything relating to cryptocurrency, Travis Wright is happy to explain the latest craze over NFT’s (non-fungible tokens).
“They’re not just collectibles, they are data that proves something and proves ownership,” Wright told FOX4. “NFT’s will not go away, they’re only starting this is the beginning.”
Simply explained; a non-fungible token is a digital certificate proving proof of authenticity for anything from artwork to basketball highlights.
Collectors buy, sell, and trade the digital artwork or basketball highlights on an ever-changing marketplace.
The National Basketball Association is one of the early adopters of the practice. At the website NBA Top Shot, visitors can buy a virtual pack of highlights. Like trading cards of old, some of the digital assets could skyrocket in value.
“The creator of a digital collectible gets paid every time that digital collectible is sold again,” Wright explains. “So, for example, with Topps, they sell a Mickey Mantle rookie card in 1952 for five cents, they never made any more money off of that. If it was a digital asset, every time that card was sold Topps would make anywhere between six and 10%, every time it’s sold.”
The art world became acutely familiar with NFT’s earlier this month when the artist Beeple sold an NFT for $69 million dollars through Christie’s auction house.
“The financial world is changing at a rapid pace and you might want to start understanding it a little bit,” Wright said.
On Wednesday at 5:30 p.m., the Museum of Mahomes will drop NFT artwork for an auction on the website MakersPlace.com. The website describes the pieces as “a unique collection of fine digital artworks/collectibles centered around significant moments in Mahomes life”. The proceeds will benefit the 15 and the Mahomies Foundation.
But if you want to bid, Wright explains, you’ll need to make sure you have virtual currency.
“So you have to have an Ethereum wallet. If you don’t have one you might want to go to metamask.io.”