While stories about non-fungible tokens (NFTs) continue to dominate the news, an important question is, will NFTs go away as quickly as they appeared, or are they here to stay? (And an understandable companion question is: What are NFTs, anyway, and why are people spending millions of dollars to acquire them?!)
Traditional investors, or those who rely on hard assets and currencies, may find little that they recognize in these newly-traded digital assets. Harvard University professor of law and computer science Jonathan Zittrain puts the current NFT mania into perspective in this just-published article in The Atlantic: What Critics Don’t Understand About NFTs.
One of the world’s leading experts on digital governance, Zittrain explains what an NFT is – and isn’t – and what buyers get in return. He then considers whether NFTs are a short-lived trend or a revolutionary technology, referencing “unowned” technologies, like the Internet itself, which no entity controls or shapes and that seemed highly speculative when first going mainstream.
Understanding the realities of NFTs, blockchains, and cryptocurrencies is difficult for even the savviest market watcher or policymaker. Zittrain is expert at helping you make informed decisions to better identify real opportunities and take in the whole picture.