“‘NFT’ stands for non-fungible token,” explains Gary Vaynerchuck, an entrepreneur and CEO otherwise known in the NFT community and by his fans as Gary Vee. “When people say, ‘Well, what does that mean?’ I think the thing I always go to with is it’s actually owning something in a digital environment.”
Kelly Crow, a Wall Street Journal Art Market Reporter further explains, “In the simplest forms, it’s proof that you own a thing. This proof doesn’t come in the form of a paper contract that you keep in an archive or that your lawyer hangs on to. It’s something that you own digitally.”
Want to learn more about NFTs and the people who make, buy, and sell them? Watch “NFTs: Enter the Metaverse” at 8pm ET/5pm PST May 21st on ABC featuring Paris Hilton, Gary Vaynerchuck, Beeple, Mark Cuban, 3lau, Steve Aoki, Rebecca Jarvis and more.