X-Plain NFTs to me!

Region: Europe
Oct 22, 2021, 8:00:00 AM Published By Wirex Team

The hype surrounding NFTs doesn’t appear to be dying down any time soon. Even if you’re not really sure what they are, you’ve probably come across them, thanks to news stories about everything from virtual hamburgers to tokenised tweets.

But if you feel as though you’re on the outside looking in, we’re here to help. We’ve explained NFTs to every age group, so scroll down to your section and check it out. We hope it helps!

X-Plain it to a kid

You’ve had the same teddy since you were a baby and you love your teddy more than anything in this world. Now, imagine if we gave 5 more identical teddies. You like them, but nothing can replace YOUR special teddy, because that was your very first love.

X-Plain it to a Gen Zer

Picture your favourite meme. Now imagine you owned this digital masterpiece. NFTs can make the dream a reality - they’re basically tokens that give you ownership of a unique digital object, from memes to video game skins, that can’t be replicated.

Google “Doge meme NFT” or “Disaster Girl NFT” and prepare to be mind-blown!

X-Plain it to a Millennial

The word on the street is that Millennials are the ones driving the recent NFT boom. But first off, what is an NFT? Owning a physical asset such as property is a major goal for many. Well, NFTs put a digital spin on this. Think of Pokémon cards or a limited-edition pair of trainers - NFTs are digital versions of these one-of-a-kind assets, that you have sole ownership of.

X-Plain it to parents

You might have collected stamps, coins or art growing up. NFTs are similar to these unique, non-substitutable collectibles, but come in the form of digital assets. “But can’t those be copied?” you may be wondering. Buying an NFT means you get the rights to own the original asset, which can’t be copied or duplicated. You might not get the rights to the IP, but you do get the status of ownership, plus the option to trade it and potentially make a profit from it.

X-Plain it to the grandparents

Take the example of a real-world asset such as a car. It has a designated owner who can prove their ownership by a set of documents. This makes it non-fungible. Now apply the same strategy to a digital asset, and you’ve got an NFT.

You might think that money could be considered non-fungible in that case. But money is actually fungible, since it is mutually interchangeable.