Economics expert on NFTs – new video uploaded to AP Video Hub

In the video, she explains what non-fungible tokens (NFTs) are and their applications. All videos in the Campus Insights series are free for download and use by all AP members and can be found at apvideohub.ap.org or by doing a general search on the Associated Press site. AP members may use the video or to pull quotes for print article or for broadcast or podcast.

STORYLINE:

Zhang says that a non-fungible token is a piece of data stored on a block chain, which she compares to a giant spreadsheet. The block chain serves as a ledger that records NFT transactions. NFTs can be used to represent ownership of a virtual item. This can include art, music, tweets, or any digital file. Without the block chain, there would be no way to prove who bought or traded NFTs. Zhang says that NFTs are non-fungible, meaning that each NFT is unique and can’t be replaced with something else. Unlike bitcoins or dollars, each NFT is worth a different amount and cannot be traded interchangeably.