What Is An NFT? Non-Fungible Tokens Explained

Non-fungible tokens (NFTs) seem to have exploded out of the ether this year. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

今年，不可替代币（NFTs）似乎已经爆发了。从艺术和音乐到墨西哥玉米卷和卫生纸，这些数字资产像17世纪的异国情调荷兰郁金香一样以数百万美元的价格出售。

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

但NFT值这些钱还是炒作？一些专家说，他们是一个即将破灭的泡沫，就像网络热潮或豆豆宝宝一样。其他人则认为，NFTs将继续存在，它们将永远改变投资。

What Is an NFT?

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

NFT是一种数字资产，代表现实世界中的物品，如艺术、音乐、游戏中的物品和视频。它们在网上买卖，通常使用加密货币，并且通常使用与许多加密软件相同的底层软件进行编码。

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

尽管自2014年以来，NFT就一直存在，但现在却越来越臭名昭著，因为它正在成为越来越流行的买卖数字艺术品的方式。自2017年11月以来，NFT的支出达到了惊人的1.74亿美元。

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

NFT通常也是一种，或者至少是一种非常有限的运行方式，并且具有唯一的识别代码。“本质上，NFT制造了数字稀缺性，”华盛顿技术产业协会区块链委员会主席、投资公司董事总经理Arry Yu说。

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand

这与大多数数字创作形成了鲜明对比，它们几乎总是无限量地供应。假设某项资产有需求，切断供应就应该会提高其价值

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram

但至少在早期，许多NFT都是以某种形式存在于其他地方的数字创作，比如NBA比赛的标志性视频剪辑，或者已经在Instagram上流传的数字艺术的证券化版本

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

例如，著名数字艺术家Mike Winklemann，即众所周知的“Beeple”制作了一幅由5000幅每日的绘画的合成图，创作了可能是当下最著名的NFT作品《Everyday:the First 5000 Days》，在Christie’s拍卖行以创纪录的6930万美元售出。

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

任何人都可以在网上免费观看个人图片，甚至是所有的图片。那么，为什么人们愿意花数百万美元购买他们可以轻松截图或下载的东西呢？

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

因为NFT允许买家拥有原始商品。不仅如此，它还包含内置的身份验证，作为所有权的证明。收藏家对这些“数字自豪权”的重视几乎超过了物品本身。

How Is an NFT Different from Cryptocurrency?

NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.

NFT代表不可替代的代币。它通常使用与加密货币（如比特币或以太坊）相同的编程方式构建，这是他们的相似之处。

Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.

实物货币和加密货币都是“可互换的”，这意味着它们可以相互交易或交换。它们的价值是相等的，一美元总是等同一美元；一个比特币始终等于另一个比特币。加密手段的可互换性使其成为在区块链上进行交易的可靠手段。

NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to EVERYDAYS simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)

NFT则不同。每个都有一个数字签名，使得NFT不可能相互交换或相同（因此，具有不可替代性）。例如，一个NBA顶级投篮片段并不等同于每天都有的投篮片段，只要他们具有NFT代币标志。（就这一点而言，一个NBA最佳投篮片段甚至不等于另一个NBA最佳投篮片段。）

How Does an NFT Work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.

NFT存在于区块链上，区块链是记录交易的分布式公共记账簿。你可能熟悉区块链作为加密货币的底层基础。

Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.

明确来说，NFT通常在以太坊区块链上持有，尽管其他区块链也支持它们。

An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:

NFT由代表有形和无形物品的数字对象创建或者说是“铸造”而成，包括：

• Art

艺术

• GIFs

gif图像

• Videos and sports highlights

视频

• Collectibles

收藏品

• Virtual avatars and video game skins

虚拟化身和视频游戏皮肤

• Designer sneakers

名牌运动鞋

• Music

音乐

Even tweets count. Twitter co-founder Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million.

举例Tweet。Twitter联合创始人杰克·多尔西（Jack Dorsey）以超过290万美元的价格出售了他作为NFT发布的第一条推文。

Essentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

本质上，NFT就像实物收藏品，只是数字的。因此，买家没有得到可以挂在墙上的真正油画，而是得到了一个数字文件。

They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata

他们还拥有专属所有权。没错：NFT一次只能有一个所有者。NFT独特的数据使得验证其所有权和在所有者之间转移变得容易。所有者或创建者也可以在其中存储特定信息。例如，艺术家可以通过在NFT的元数据中包含他们的签名来签署他们的作品

How to Buy NFTs

If you’re keen to start your own NFT collection, you’ll need to acquire some key items:

如果你想开始自己的NFT系列，你需要购买一些关键物品：

First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.

你首先需要一个数字钱包那样可以存储NFT和加密货币，比如以太，这取决于你的NFT提供商接受的货币。现在，你可以在Coinbase、Kraken、eToro甚至PayPal和Robinhood等平台上使用信用卡购买加密软件。然后你就可以把它从交易所转移到你选择的钱包里。

You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.

在研究选择时，你会想记住费用。当你购买crypto时，大多数交易所至少会收取一定比例的交易费用。

Popular NFT Marketplaces

Once you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:

一旦你的钱包设置好并有资金，就不缺NFT购物网站了。目前，最大的NFT市场包括：

• OpenSea.io: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.

• OpenSea.io: 这个点对点平台自称是“稀有数字物品和收藏品”的供应商，首先，您只需创建一个帐户来浏览NFT展品。你还可以按销售量对作品进行分类，以发现新的艺术家

• Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.

• Rarible: 与OpenSea类似，Rarible是一个民主、开放的市场，允许艺术家和创作者发行和销售NFT。平台上发行的RARI代币让持有者能够权衡费用和了解社区规则。

• Foundation: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art. The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork. For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It may also mean higher prices — not necessarily a bad thing for artists and collectors seeking to capitalize, assuming the demand for NFTs remains at current levels, or even increases over time.

• Foundation: 在这里，艺术家必须获得其他创作者的邀请，才能发布他们的作品。社区的排他性和进入成本--艺术家必须购买“gas”来获得NFT，这意味着它可能拥有更高质量的艺术品。例如，NANYCAT创建者Chris Torres在基础平台上出售NFT。这也可能意味着更高的价格——对于寻求资本化的艺术家和收藏家来说，这不一定是一件坏事，前提是NFT的需求保持在当前水平，甚至随着时间的推移而增加。

Although these platforms and others are host to thousands of NFT creators and collectors, be sure you do your research carefully before buying. Some artists have fallen victim to impersonators who have listed and sold their work without their permission.

尽管这些平台和其他平台承载着成千上万的NFT创作者和收藏家，但在购买之前一定要仔细研究。一些艺术家成为冒名顶替者的受害者，这些冒名顶替者在未经允许的情况下列出并出售了他们的作品。

In addition, the verification processes for creators and NFT listings aren’t consistent across platforms — some are more stringent than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings. Buyer protections appear to be sparse at best, so when shopping for NFTs, it may be best to keep the old adage “caveat emptor” (let the buyer beware) in mind.

此外，对创作者和NFT列表的验证过程在不同平台之间并不一致——有些平台比其他平台更严格。例如，OpenSea和Rarible不要求NFT列表的所有者验证。买家的保护似乎很少，所以在购买NFT时，最好记住一句古老的格言“买主当心”。