{"id":11495,"date":"2021-06-28T14:31:00","date_gmt":"2021-06-28T21:31:00","guid":{"rendered":"https:\/\/BigJimIndustries.com\/wordpress\/?p=11495"},"modified":"2021-07-20T14:38:19","modified_gmt":"2021-07-20T21:38:19","slug":"nfts-for-good","status":"publish","type":"post","link":"https:\/\/bigjimindustries.com\/wordpress\/2021\/06\/28\/nfts-for-good\/","title":{"rendered":"NFTs for Good"},"content":{"rendered":"\n<p><em><a href=\"https:\/\/foreignpolicy.com\/2021\/06\/21\/nfts-nonfungible-tokens-bad-art-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">from Foreign Policy<\/a><\/em><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Are NFTs Always Bad?<\/h1>\n\n\n\n<h2 class=\"wp-block-heading\">The digital assets known as \u201cnonfungible tokens\u201d could help artists make money from their work.<\/h2>\n\n\n\n<p>By\u00a0<a href=\"https:\/\/foreignpolicy.com\/author\/diana-seave-greenwald\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Diana Seave Greenwald<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/foreignpolicy.com\/wp-content\/uploads\/2021\/06\/what-are-nfts-GettyImages-1321710605.jpg?resize=1000,667&amp;quality=90\" alt=\"A Sotheby's NFT sale.\"\/><figcaption><em>Mad Dog Jones\u2019s \u201cVisor\u201d goes on view as part of \u201cNatively Digital: A Curated NFT Sale\u201d at Sotheby\u2019s in London on June 4.\u00a0TRISTAN FEWINGS\/GETTY IMAGES FOR SOTHEBY&#8217;S<\/em><\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">What are nonfungible tokens (NFTs), and when did they come into existence?<\/h4>\n\n\n\n<p>The key to understanding nonfungible tokens is the definition of the term \u201cfungible.\u201d A good or asset is fungible when it is interchangeable with a good or asset of the same type; it is not unique. Currency\u2014from dollar bills to bitcoins\u2014is fungible. Therefore, nonfungible goods are those that are unique. An original work of art is a clear example of a nonfungible good. NFTs in their current form represent a collision of these two forms: currency, specifically cryptocurrency, and art. According to\u00a0<a href=\"https:\/\/www.theatlantic.com\/ideas\/archive\/2021\/04\/nfts-werent-supposed-end-like\/618488\/\" target=\"_blank\" rel=\"noreferrer noopener\">an article tracing the history of NFTs<\/a>, they emerged in their current form around 2014, although there are competing timelines and origin stories that\u00a0<a href=\"https:\/\/www.digitaltrends.com\/features\/what-are-nfts-non-fungible-tokens-history-explained\/\" target=\"_blank\" rel=\"noreferrer noopener\">would trace their emergence to 2012.<\/a>\u00a0Of course, the current mania for them is much more recent\u2014emerging pretty much within the last year.<\/p>\n\n\n\n<p>The final key component that allows both cryptocurrency and NFTs to function is a technology that records who owns what: the blockchain. This digital ledger is a decentralized system that, because it is distributed across users and not subject to centralized control, indelibly records transactions. This permanence of digital record-keeping is critical to understanding the interaction between the art market and NFTs.<\/p>\n\n\n\n<p>[ <a href=\"https:\/\/foreignpolicy.com\/2021\/06\/21\/nfts-nonfungible-tokens-bad-art-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">click to continue reading at FP<\/a> ]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>from Foreign Policy Are NFTs Always Bad? The digital assets known as \u201cnonfungible tokens\u201d could help artists make money from their work. By\u00a0Diana Seave Greenwald What are nonfungible tokens (NFTs), and when did they come into existence? The key to understanding nonfungible tokens is the definition of the term \u201cfungible.\u201d A good or asset is [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-11495","post","type-post","status-publish","format-standard","hentry","category-culture-art"],"_links":{"self":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/11495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/comments?post=11495"}],"version-history":[{"count":0,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/11495\/revisions"}],"wp:attachment":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/media?parent=11495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/categories?post=11495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/tags?post=11495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}