How nonfungible tokens work and where they get their value – a cryptocurrency expert explains NFTs
In the world of cryptocurrency and blockchain technology, the use of nonfungible tokens, or NFTs, is among the more ephemeral forms of financial transactions. Dragan Boscovic, a Fulton Schools research professor of computing, informatics and decision systems engineering, and director of ASU’s Blockchain Lab, explains why the NFT market is likely to expand as a highly efficient way of managing and securing digital assets, and why this “energy hungry” cryptocurrency is raising environmental concerns. Despite such potential drawbacks, Boscovic says NFTs are making inroads into the crypto-economy, especially in luxury goods and gaming industries and the high-end art market. Boscovic’s commentary has also been published in Vox, Yahoo News, the Houston Chronicle, the Connecticut Post, the Times Union in Albany, New York, the Seattle Post Intelligencer and The Street.