NFTs Still Confuse Most People, but Latinx Artists are Making their Mark

By now you've probably heard more than one story about someone becoming a millionaire by selling NFTs but for probably most people, this emerging technology and economic system is still very confusing. What are NFTs, exactly? Art? Currency? And how are people making millions of dollars from them? While the obvious question for most people, "why can't I just screenshot the graphic and use it?” seems legitimately valid, the system doesn't work that way (that's what the experts say, at least).

But don't worry, being confused makes you part of the majority, not the minority. So let's break it down, shall we?

NFT stands for non-fungible token, and non-fungible means it's unique and can't be replaced, so for example, a bitcoin is fungible; you can exchange one for another. Think of NFTs as your favorite collectible item; you couldn't change that exact same item for another one that's the same; you could change it for a different one, but not the same one. Like this article from The Verge says, "...to put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.”

Hope that didn't make it more confusing, moving on. NFTs are part of the Ethereum blockchain, which is a cryptocurrency. Again NFTs can be anything digital, but the hype right now is around digital art.

Some say it's ruining fine art, some say it's revolutionizing it, but regardless of what camp you land in, many are making money from them. There's a lot more to NFTs but now that the basics are out of the way, the next important topic is who are the Latinx artists making an impact in the NFT community?

NFTs are a way to express art and a way to generate wealth. Learning about them can help Latinx artists overcome the financial challenges that come with trying to make it in the art world. USA Today reported "that minority investors are more likely to outpace white investors in owning digital currency." So amigas, what are your thoughts on NFTs? It’s time Latinas took their place in the NFT world too.