WTF Is An NFT?

You've seen the headlines. The monkey pics. The internet arguments that made you question everything—like, how could someone spend six figures on a GIF? Maybe someone dropped "blockchain" into casual conversation like it was no big deal. Or maybe you're here because you didn't want to Google it (again). No judgment.

Let's break it down.

Photo by Pixabay on Pexels

It's 2024, and somehow, we survived the NFT era. They aren't dead, but they're not what they were during the 2021–2022 news cycle. The buzzwords have quieted, all your favorite artists have launched something on the blockchain, and most of us have gone back to pretending we knew what a smart contract was.

But here's the thing: NFTs didn't just disappear. They still exist and are actively used in niche spaces, like gaming, collectibles, and fashion. Some NFT communities remain strong, while others have fizzled out entirely. Because let's be real—when the internet was on fire with ape avatars, celebrity cash grabs, and talk of "digital ownership," a lot of us just nodded, smiled, and quietly Googled words like gas fees and Ethereum. Or we didn't. And that's okay.

Now that the group chats have moved on and no one's randomly brought up "minting" at brunch in a while, it's the perfect time to come out of hiding and actually ask: WTF is an NFT? We're unpacking it all—without the jargon, without the hype, and definitely without asking you to buy anything. 😉

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So… What Is an NFT, Really?

NFT stands for non-fungible token, which sounds like something you'd need a wizard to decode, but stay with us.

Let's start with the "fungible" part. If something is fungible, it means it can be swapped out for something identical. A $20 bill? Fungible. Trade it for another $20, and nothing's changed. But non-fungible means something is unique. You can't just swap it for an identical copy because no true identical copy exists.

So when we say non-fungible token, we're talking about a digital token (think of it as a digital certificate of ownership) that proves you own something one-of-a-kind. It could be a piece of art, a song, a meme, a GIF (yes, really), or even a tweet.

NFTs live on a blockchain, which is just a fancy word for a digital ledger that records transactions. This is what makes NFTs traceable, secure, and (in theory) tamper-proof.

Owning an NFT doesn't mean you own the image or file itself. It means you own the token that says, "Hey, this specific version of this thing? It's mine."

We know—it's a lot. But don't worry, we're just getting started.

Photo by Yan Krukau on Pexels

NFTs weren't born in 2021, but that's definitely when they hit their main character era. Before that, they mostly lived in the nerdier corners of the internet—think digital art forums, blockchain experiments, and people who casually use the word "decentralized" in conversation.

The first real boom came in early 2021. That's when the artist Beeple sold an NFT artwork at auction for over $69 million (yes, really), and the internet spiraled. Suddenly, everyone from Grimes to Snoop Dogg to your favorite influencer had an NFT "drop." Brands jumped in. Celebrities launched collections. People made (and lost) fortunes overnight. It was a gold rush, but for JPEGs and GIFs.

And it wasn't just art. NBA Top Shot turned sports highlights into collectibles. Musicians used NFTs to sell exclusive albums. Companies promised virtual land, VIP access, even entire metaverse identities—if you just bought in.

But like most internet frenzies, the bubble didn't last forever.

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By late 2022 and into 2023, NFT sales had cooled. Scams, oversaturation, and the crypto market's rollercoaster ride left a lot of people burned out—or broke. Still, the tech didn't disappear. A few high-profile NFTs might still carry value, but many have lost most of theirs. It's less "gold rush," more "we're figuring out what this tech can actually do."

Some NFTs, like those associated with popular brands, artists, or those with unique features, can maintain or even increase in value, but the hype train has slowed, and everyone who wasn't in it for the long haul quietly slipped out the back. So yes, NFTs are still a thing, just no longer the thing. Some continue to hold value based on their uniqueness, market demand, and the benefits they offer holders.

So… What Are NFTs Actually Used For?

Okay, so the hype has more than died—but that doesn’t mean NFTs were just a moment. NFTs introduced a concept that’s still shaking up the internet: digital ownership. And that’s kind of a big deal.

Until recently, most things online were easy to copy, paste, repost, remix, and re-download. Ownership wasn’t really part of the equation. You could like something, maybe share it, but owning it? That wasn’t really a thing. NFTs flipped that. They made it possible to own something digital in a way that’s traceable, verifiable, and unique. Artists and builders could now make money directly from their work and earn royalties when it’s resold. No middlemen, no gatekeepers. NFTs allow creators to prove something is theirs and connect directly with their audiences, whether they’re selling art, offering services, or building entire communities. 😏💫

Photo by Medhat Ayad on Pexels

Okay, so maybe you’re not in the market for a pixelated penguin or a digital concert ticket. Totally fair. But NFTs opened the door to imagining what ownership could look like in a digital-first world. And believe it or not, NFTs are still finding real, practical homes in a few key places:

🕹️ Gaming – In some online games, NFTs are used to prove ownership of in-game assets like skins, weapons, or even land. Instead of being stuck in one game’s economy, the idea is that your gear could (eventually) move with you—or even be sold to other players. Think Fortnite outfits, but resealable.

🎨 Digital Art & Collectibles – This one’s still alive and well. Artists continue to use NFTs to sell original work directly to collectors without middlemen. Buyers get a digital certificate of authenticity, and in some cases, artists earn royalties every time their NFT resells. That’s huge.

🎟️ Memberships & Access – Some NFTs work like fancy digital keys. Holding one might get you into exclusive online communities, events, or give you early access to drops, merch, or experiences. Basically, your NFT says, “I belong here.”

👗 Fashion & Identity – Major brands have dipped their toes into “phygital” fashion—items that exist digitally and in the real world. Your NFT might unlock a virtual look and a physical hoodie shipped to your door. (Yes, this is a thing now.)

💼 Proof of Ownership & Authentication – Beyond the glitz, NFTs can be used to verify real-world stuff: tickets, diplomas, contracts, even luxury goods. That digital ledger (aka the blockchain) makes it harder to fake or lose records.

So… Are NFTs Still a Thing?

Yeah, they are. Just not in the way the headlines made them seem. And you haven't missed your chance to get in on the ground floor. The frenzy has passed, the scammers have (mostly) moved on, and what’s left is a tool with real potential for artists, collectors, communities, and anyone interested in what comes next for the internet. You don’t have to be deep in crypto or obsessed with tech to get it. You just have to be curious.

And if you’ve made it this far? You definitely are.

I’ve got a few projects of my own—playful, personal, and actually built with women in mind. No hype, just vibes. ✨

[Check them out on Rarible and OpenSea.]