Voyage Tech Blogs

Voyage Technology has been serving the Beaver Dam area since 1999, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

What is an NFT and Why Does it Exist?

What is an NFT and Why Does it Exist?

Cryptoassets have been on the rise, and with it has come the term “NFT.” But what is an NFT, and why does it matter what it is for a small business like yourself? Let’s examine this concept in a bit greater detail through the use of a hypothetical situation.

Let’s Say You Attended an Art Auction...

… and as you were sitting in the bidder’s gallery, the original, or first instance of the Nyan Cat GIF was put up for sale. It’s pretty commonplace on the Internet, so it’s weird for someone to want to buy that for an exorbitant cost, right? There’s no way someone would purchase a Nyan Cat GIF for $561,000 USD, right?

Wrong. This actually happened, and it has major implications for the sale of digital assets.

NFTs Have Allowed for the Sale of Digital Assets

NFTs, or non-fungible tokens, are cryptoassets in a similar vein to cryptocurrency. The primary difference between the two is that cryptocurrencies like Bitcoin are fungible, meaning there is no difference between Bitcoins, whereas there are differences between NFTs. In essence, comparing Bitcoins or other cryptocurrencies is like comparing apples-to-apples, whereas comparing NFTs is like apples-to-oranges.

Blockchain technology fuels NFTs and cryptocurrencies, meaning that the record cannot be changed once one is created.

But What Is an NFT?

Think of an NFT as an official seal of ownership, or something that tells everyone else that you own a particular digital asset. These tokens can be linked to just about anything sold digitally, from images to articles to music to virtual real estate and so much more.

Depending on your role in the transaction, NFTs can have different impacts. For example, a digital artist can set up a piece of artwork with an NFT so they can sell their work and make some cash from all future transactions related to that item. Casual buyers get bragging rights for purchasing something they care deeply about or basic usage rights, as well as the satisfaction of supporting artists financially. Collectors can also use NFTs on speculation in attempts to turn profits later on down the road.

NFTs were created when the Ethereum blockchain added support for them, eventually leading to the development of a game/online community called Cryptokitties. Each Cryptokitty is its own NFT, so they can be used with another kitty to breed other unique Cryptokitties. Another example of this in action is allowing participants to collect virtual rocks. We swear, this whole NFT thing gets weirder and more interesting the more you learn about it.

Are NFTs Going to Be “A Thing?”

Only time will tell is the long and short of it. The mainstream has only recently jumped aboard NFTs, but many folks have begun to show support for the idea. The band Kings of Leon’s latest (as of this writing) album was sold in the form of an NFT, with different tiers adding different bonuses. Other examples include groups of athletes who provide fans with digital collections of memorabilia, as well as other brands like Marvel, DC, and Star Trek releasing digital statues of their popular characters.

One thing to note, however, is that NFTs contribute to the same environmental issues that blockchain processes do, so these will have to be addressed at some point in the future if NFT mania really takes off.

In Short, Technology Can Be Really Confusing…

… so before you make any major investments or decisions for your company, we urge you to discuss it with Voyage Technology. We can help you make the most educated decisions about the future of your business. To learn more, reach out to us at 800.618.9844.

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, 11 June 2025

Captcha Image

Sign Up For Our Newsletter!

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Technology Tip of the Week Best Practices Business Computing Data Productivity Business Software Innovation Hackers Cloud Network Security User Tips Hardware Internet Efficiency IT Support Malware Privacy Google Email Computer Phishing Workplace Tips IT Services Collaboration Users Hosted Solutions Mobile Device Workplace Strategy Ransomware Quick Tips Small Business Cybersecurity Microsoft Communication Passwords Data Backup Smartphone Saving Money Backup Managed Service Business Management VoIP Smartphones Android Mobile Devices communications Upgrade Disaster Recovery Browser Data Recovery Social Media Windows Managed IT Services Microsoft Office Tech Term Current Events Network Remote Internet of Things Productivity Facebook Automation Artificial Intelligence Gadgets AI Cloud Computing Covid-19 Miscellaneous Remote Work Server Managed Service Provider Outsourced IT Information Holiday Compliance Encryption Spam Training Employee/Employer Relationship Office Windows 10 Business Continuity Government Data Management Virtualization Blockchain Wi-Fi Business Technology Windows 10 Bandwidth Data Security Apps Vendor Two-factor Authentication Mobile Office IT Support Apple Networking App Employer-Employee Relationship BYOD Mobile Device Management Chrome Gmail Managed Services Budget Voice over Internet Protocol WiFi How To BDR HIPAA Computing Hacker Applications Information Technology Avoiding Downtime Marketing Access Control Office 365 Tip of the week Conferencing Storage Password Healthcare Bring Your Own Device Big Data Managed IT Services Operating System Computers Router Virtual Private Network Risk Management Website Health Help Desk Office Tips Analytics Augmented Reality Retail Telephone The Internet of Things Scam Data loss Social Cooperation Free Resource Project Management Windows 7 Going Green Patch Management Save Money Microsoft 365 Remote Monitoring Vulnerability End of Support Vendor Management Solutions Customer Service Cybercrime Physical Security Display Printer Paperless Office Windows 11 Infrastructure Monitoring 2FA Excel Firewall Document Management Remote Workers Safety Maintenance Antivirus Sports Downloads Mouse iPhone Licensing Entertainment Administration Vulnerabilities Data Privacy Images 101 Telephone System Multi-Factor Authentication Robot Mobility Customer Relationship Management Cost Management Settings Printing Wireless Content Filtering Hacking IT Management Presentation VPN Employees YouTube Meetings Integration Cryptocurrency Wireless Technology User Tip Modem Computer Repair Mobile Security Processor Virtual Desktop Holidays Data storage LiFi Data Storage Word Smart Technology Supply Chain Outlook Video Conferencing Machine Learning Managed Services Provider Money Saving Time Virtual Machines Professional Services Humor Managed IT Service Twitter Alerts SQL Server Technology Care Deep Learning Download Net Neutrality Undo Financial Data Error History Business Communications Browsers Smartwatch Education Connectivity IT Social Engineering Break Fix Scams Remote Computing Azure Hybrid Work Upload Procurement Mobile Computing Social Network Telework Cyber security Multi-Factor Security Tech Human Resources CES Tablet IoT Communitications Search Dark Web Cables Alert Application Best Practice Trends Supply Chain Management Managed IT Customer Resource management FinTech Buisness File Sharing Regulations Dark Data Google Calendar Term Google Apps IBM Legal Data Analysis IT solutions Star Wars IT Assessment How To Microsoft Excel IT Maintenance Business Growth Gamification Flexibility Notifications Staff Value Business Intelligence Organization Travel Social Networking Legislation Shortcuts Cortana Ransmoware Techology Fileless Malware Digital Security Cameras Google Maps Smart Devices Alt Codes Content Remote Working Wearable Technology Memory Vendors Competition Health IT Downtime Unified Threat Management Motherboard Data Breach Comparison Google Play Be Proactive Permissions Workforce Unified Threat Management Directions Videos Hosted Solution Assessment Electronic Health Records Typing Wasting Time Threats Trend Micro Network Congestion Specifications Security Cameras Workplace Strategies Knowledge Fraud Meta Google Drive User Error Microchip User Internet Exlporer Software as a Service Username Managing Costs Amazon Point of Sale eCommerce 5G Black Friday SSID Experience Virtual Assistant Outsource IT IP Address Google Docs Unified Communications Database Surveillance Bitcoin Network Management Running Cable Tech Support IT Technicians Virtual Machine Environment Media Google Wallet Proxy Server Reviews Cookies Monitors Cyber Monday Medical IT Hotspot Transportation Small Businesses Recovery Tactics Development Hard Drives Windows 8 Laptop Websites Mirgation Hypervisor Displays Domains Drones Shopping Nanotechnology Optimization PowerPoint Electronic Medical Records Language Employer/Employee Relationships Outsourcing SharePoint Addiction Refrigeration Management PCI DSS Halloween Chatbots Navigation Public Speaking Lenovo Gig Economy Screen Reader Writing Distributed Denial of Service Workplace Virtual Reality Computing Infrastructure Teamwork Hiring/Firing Lithium-ion battery Service Level Agreement Internet Service Provider Hacks Server Management Regulations Compliance Entrepreneur Scary Stories Private Cloud Identity Evernote Paperless Superfish Bookmark Identity Theft Smart Tech Memes Fun Co-managed IT

Blog Archive