NFTs, explained

Illustration by Mengxin Li / The Verge

There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” That’s the feeling I’ve experienced while reading about Grimes getting millions of dollars for NFTs or about Nyan Cat being sold as one.

In the year since NFTs exploded in popularity, the situation has only gotten more complicated. Pictures of apes have sold for tens of millions of dollars, there’s been an endless supply of headlines about million-dollar hacks of NFT projects, and corporate cash grabs have only gotten worse.

All this news may have left you wondering: what is an NFT, anyhow?

After countless hours of research and discussions (most of which were against my will), I think I know. I also think I’m going to cry.

Okay, let’s…

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