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We should open every story related to non-fungible tokens (NFTs) with an explanation.

An NFT provides a method of authentication for a piece of digital content, based on blockchain technology. It certifies and tracks the ownership of a unique digital asset.

If you really want to go down that wormhole, The Verge has a full explainer here.

Just remember that a digital artist called Beeple recently sold a 319-gigabyte JPEG for a cool $69,3 million, and there is a great deal of silly money being tossed around in this area.

So how can you sell a virtual hoodie, which was flogged for £19 000 (around R370 000), or what exactly is going on here? Good question.

The basics below, via The Guardian:

The black hoodie from the streetwear fashion label Overpriced, emblazoned with an expletive-laden logo in neon green graffiti font, sold on the digital art marketplace Blockparty.co to an anonymous bidder who, through scanning a code, can now “wear” the garment in virtual settings online…

Overpriced describes itself as a brand which creates “fashion for the crypto generation”. Its co-founder Leighton James told Hypebeast: “We are a group of artists looking to create art-powered crypto fashion that aims to challenge the conceptions of what luxury fashion is.”

Cool, I think.

The label being named ‘Overpriced’ is setting off a few warning bells, but this is where I stand on the matter:

James went on to say that “customers are purchasing unique wearable art that no one else in the world has,” adding that the hoodie can also be worn “physically in the real world”.

As opposed to whatever world these people exist in.

Look, it has swearwords:

According to HYPEBEAST, the physical hoodie is linked to a “patent-pending scannable V-code,” which allows a person to “wear, authenticate, and show off their unique NFT in public”:

“If at any point the hoodie is lost, stolen, damaged, or sold, the V-codes can be invalidated and a new hoodie will be shipped to the new owner’s address of choice, thus becoming the new authentic piece,” the company explained.

Essentially, it considers its pieces to “wearable art.”

Finally, a hoodie you can leave at your significant other’s house and actually expect to get back.

I’m still not sure it’s worth the cash, though.

If you’re keen to cash in on this business, here’s a guide on how to create and sell an NFT.

Good luck.

[sources:guardian&hypebeast]