Simply put: It’s the set of rules that allows true digital ownership, and is responsible for the exchange of billions of dollars-and millions of ether (ETH), Ethereum’s currency-for colorful JPEGs. Most importantly, one of the creators of CryptoKitties also cemented a token standard called ERC-721. Buyers’ enthusiasm for CryptoKitties generated enough activity to slow down transactions on the Ethereum blockchain in December 2017, demonstrating that blockchains could be used for fun, not just finance. Rare Pepes appealed to a very niche audience-digital-art and blockchain nerds-but they set a precedent for blockchain-based collectibles like the now wildly popular CryptoPunks, which in turn inspired CryptoKitties, another Ethereum-based collectible set with a gamified twist: Owners could “breed” their kitties to spawn even rarer new ones with specialized traits (like fur color). Others think NFTs will accelerate societal collapse through grift and greed-and melt the polar ice caps thanks to the insane energy demands required to store all the data required to keep the blockchain running. Some people who are bullish on NFTs think that this sort of radical transparency can save art, liberate the internet, and restore democracy. What NFTs are, fundamentally, is that record of ownership-the thing that’s owned is almost secondary. And, uh, people spent around $20 billion buying and selling these things last year. And, in some cases, they’re shockingly valuable: It’s not unheard of for certain NFTs to run to six figures. (So even if someone can copy and paste your cartoon of an ape, the real one-the only real one-is clearly and incontrovertibly yours.) Of course, NFTs aren’t just small artworks-they can serve as contracts or tickets to events or memberships in clubs. That record lives on the Ethereum blockchain-an ongoing, impossible-to-fake public ledger that shows everyone who’s ever owned the thing in question. In essence, an NFT, or non-fungible token, is just a record that someone owns something.

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