Technologies

Why Tiger Woods, Tom Brady and others are joining in on the NFT craze

Tiger Woods is the latest to sell digital collectibles as NFTs. But how much are they going for nowadays? We’ll explain.

You’ve probably heard about NFTs, short for nonfungible tokens. But what exactly are they? It’s a new type of digital asset similar to cryptocurrency that can cost you a lot of money. The craze began in 2017, and since then, Twitter’s Jack Dorsey, rock legends Kings of Leon and even Tiger Woods have sold NFTs for a pretty penny (more below).

But what exactly are you buying when you purchase an NFT? It’s not a collectible that you can keep in your dresser drawer, like Pokemon cards, a comic book or paintings. They’re entirely digital and are tied to almost anything — a video highlight, a meme or even a tweet.

If this doesn’t make much sense to you, well you’re not alone.

In short, NFTs offer a blockchain-created certificate of authenticity for a digital asset or piece of art. The interest has created a digital market that boasted $250 million in sales in 2020, with NFTs reaching new levels of hype from Visa, Warner Music Group and Nike. Even toilet paper companies are in on the latest cryptocurrency wave. Still confused? We’ll break down what NFTs really are, how much they cost and how you can get in on the latest bidding wars.

What’s an NFT?

This is the part that takes a bit of open-mindedness. An NFT is a unique digital token, with most using the Ethereum blockchain to digitally record transactions. It’s not a cryptocurrency like Bitcoin or Ethereum, because those are fungible — exchangeable for another Bitcoin or cash. NFTs are recorded in a digital ledger in the same way as cryptocurrency, so there’s a listing of who owns each one.

What makes an NFT unique is the digital asset tied to the token. This can be an image, video, tweet or piece of music that’s uploaded to a marketplace, which creates the NFT to be sold.

Do I own the asset if I own an NFT?

Nope.

That’s the real kicker to understanding the whole concept. The person who buys the NFT doesn’t own the actual asset.

«NFTs challenge the idea of ownership: digital files can be reproduced infinitely and you do not (usually) buy the copyright or a license when purchasing an NFT,» said Jeffrey Thompson, associate professor at the Stevens Institute of Technology in Hoboken, New Jersey.

For example, the creator of the Nyan Cat meme sold an NFT of it for $590,000. The person who bought the token owns the token, but doesn’t actually own the meme. That still belongs to the creator, who held onto intellectual and creative rights.

What the owner of the token has is a record and a hash code showing ownership of the unique token associated with the particular digital asset. People might download Nyan Cat and use it on social media if they want, but they won’t own the token. This also means they can’t sell the token as the owner can.

Why are NFTs so expensive?

As with physical collectibles such as Beanie Babies, baseball cards and toys, there’s a market for NFTs. The buyers tend to be tech-savvy individuals who understand the idea of wanting to purchase digital goods and likely made a killing this past year with cryptocurrencies. Ethereum, for example, went from just over $100 last March to a current price of about $3,400. In some cases, buyers are just flexing their digital wallets to show off how much crypto they have, but for others, there’s a deeper interest.

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«Specifically for art-related NFTs, there is a huge surge in demand due to their novelty and creativity of early artists,» Jason Lau, chief operating officer of crypto exchange OKCoin, said in an email. «Whether it’s a physical work with an attached NFT (think of it as a digital autograph and proof of veracity), or an entirely digital work (where the NFT is the art), this new medium is opening new ways for collectors and artists to explore their relationship with the artwork itself.»

It’s also great for the artists, says Lau. By selling digital art directly to those interested, an artist can begin monetizing work without having to try to sell it in a gallery.

What kind of NFTs can I buy?

NFTs can be tied to any digital asset. Anything you see online can be an NFT — music, social media posts, clip art and more. Today, Sorare released its «Super Rare» Lionel Messi digital trading card that’s currently bidding at €29,992.75, equivalating to over $35,000. Sorare also announced that it raised $680 million for its next-level sports fantasy game. The funding is currently led by SoftBank.

And today, Tiger Woods will sell thousands of digital collectibles on Autograph on the DraftKings marketplace. The second collection will launch on Sept. 28. Autograph is co-founded by Tom Brady, another athlete in the NFT market.

But NFTs are going far beyond sports. Recently, Fortune gave its readers a chance to get in on the NFT craze. The company sold 256 copies of the limited edition cover from the graphic artist Pplpleasr for Fortune’s August/September magazine on OpenSea. The copies sold out within five minutes starting at $1 Etherum (estimated $3,000). But the NFTs were available for resale at three times the cost.

And in August, a clip art of a rock, better known as Ether Rock, was sold for $400,000 Etherum (estimated $1.3 million). Two weeks ago, it was valued at $97,716. And in August, Visa announced its NFT CryptoPunks purchase for $150,000 in Ethereum. The financial corporation believes that NFTs play a big role in the «future of retail, social media, entertainment, and commerce.» And Vine’s co-creator, Dom Hoffman, is reportedly inventing a new way to gamify NFTs with his fantasy gaming console, Supdive.

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As the hype for NFTs grows, expect more digital assets to come up for sale and bring in some big money.

Where can I buy or sell an NFT?

While you may not want to jump right in bidding six figures, there are multiple NFT marketplaces out there to check out, with Opensea being the biggest. Buyers can search for art, domain names and random collectibles to bid on without having to break the bank. And Woods’ digital collection is one of the many NFT collections available on DraftKings marketplace, including Tony Hawk’s collection.

On the other hand, if you want to sell an NFT of your art, you can use NFTify, the Shopify NFT store, to sell NFTs without creating your own store. You’ll also need a MetaMask account to get going. And Burberry recently announced a partnership with Mythical Games to gamify buying, selling and collecting toys as NFTs through the Blankos Block Party game. CNET’s own Chris Parker also made a step-by-step guide on how to make and sell your own NFT, in the video below.

What are the downsides of NFTs?

A drawback is the hundreds of dollars in fees required to create an NFT. If you’re making your own token on the Ethereum blockchain, you need to use some Ethereum, which as mentioned earlier is kind of pricey. Then after you make an NFT, there’s a «gas» fee that pays for the work that goes into handling the transaction and that’s also based on the price of Ethereum. Marketplaces simplify the process by handling everything for a fee when an NFT is sold.

There’s also an environmental cost. Like Bitcoin, Ethereum requires computers to handle the computations, known as «mining,» and those computer tasks require a lot of energy. An analysis from Cambridge University found that mining for Bitcoin consumed more energy than the entire country of Argentina. Ethereum is second to Bitcoin in popularity, and its power consumption is on the rise and comparable to the amount of energy used by Libya.

Technologies

Razer’s Wolverine V3 Pro 8K Controller Won’t Replace My Mouse and Keyboard, but Here’s Where It Shines

I applaud the absurdly high polling rate, six extra remappable buttons and TMR sticks, but let me tell you why I’m sticking with my keyboard and mouse for most games I play.

The Razer Wolverine V3 Pro 8K PC controller was not built for me, but admittedly, this has more to do with me as a gamer than the controller itself. I grew up playing the PlayStation 3 and PS4 consoles, cutting my teeth on slim, compact DualSense controllers. Over the past five years, I’ve gamed exclusively on my PC and have grown accustomed to the increased precision of a mouse and keyboard.

The Razer Wolverine V3 Pro 8K PC controller is the antithesis of a DualSense controller. It’s a chunky piece of hardware that might feel natural if you were raised on an Xbox and its bulky controllers, but it took me multiple gaming sessions to get acclimated to the sheer size of the Wolverine V3 and how it fit into my hands, especially since I don’t use a claw grip.

Size aside, this is a PC controller with every bell and whistle you can think of — and its price of $200 reflects that. The 8,000Hz polling rate ensures buttery smooth inputs with no lag, and tunnel magnetoresistance joysticks make every in-game movement feel fluid and calculated. Six extra remappable buttons help you up your game — they’re super handy for hero shooters like Marvel Rivals and hectic games like Battlefield 6. This is a premium product for gamers who are hoarding some serious hardware.

Its price is in line with other premium controllers. One of CNET’s best Xbox controllers is the Wolverine V3 Pro for Xbox, which also costs $200. Similar controllers like the Scuf Instinct Pro and Vitrix Pro BFG are in the same ballpark, pricewise, but the Wolverine V3 Pro 8K PC has a winning combination of competitive variables that make it feel exceptionally easy to use.

This controller is chock full of top-of-the-line technology and feels satisfying to use, but it needs to clear a high bar to feel truly worthwhile as a dedicated PC controller.

Chunky controller, satisfying feedback

When CNET’s Josh Goldman reviewed the Wolverine V3 Pro Xbox wireless controller, he called it «just about perfect.» If it isn’t broken, don’t fix it: Razer replicated many of its successes with the Wolverine V3 Pro PC controller.

The Wolverine V3 Pro 8K PC is the same size as the Wolverine V3 Pro Xbox controller, which is to say it’s a bit chunkier than a standard Xbox wireless controller, but it’s surprisingly much lighter than its Xbox cousin. It weighs just 220 grams, which is appreciably lighter than the Xbox version that weighs 304 grams. And while the Wolverine V3 Pro 8K PC is nowhere near as slim as a DualSense controller, it’s still much lighter than its Sony competitor — a stock DualSense controller weighs 280 grams.

Every button on this controller has a crisp, clean clickiness that scratches the same mental itch that a good mechanical keyboard might. Whether you’re gripping the trigger, pressing a button or squeezing one of the four remappable back paddles, you’ll hear incredibly satisfying auditory feedback that leaves no doubt that the controller is receiving your inputs. At one point, while I sat through a particularly long matchmaking queue, I found myself squeezing the triggers to entertain myself — the snappy pops were enough to keep me off TikTok.

The biggest difference between the V3 Pro Xbox and V3 Pro PC controllers is the variable polling rate — that dictates how often your controller is communicating with the computer. It’s like a refresh rate for your crosshair positioning.

The Wolverine V3 Pro Xbox just can’t compete here: That controller has a wired 1,000Hz polling rate for PC gameplay. The V3 Pro PC controller can be toggled for multiple polling rates, with an 8,000Hz maximum setting. This means the PC controller can report your input data eight times faster than the Xbox controller.

Every movement, turn and button press feels incredibly fluid. It’s safe to say that there’s no input lag with the Wolverine V3 PC controller, but I don’t think it matters too much for moment-to-moment first-person shooter gameplay. If you’re driving a car (or a tank) and you need to stop on a hairpin, you might appreciate Razer’s HyperPolling technology. If you’re not playing a tactical shooter like Counter-Strike or Rainbow Six: Siege, that 8,000Hz polling rate is overkill — if you’re a casual gamer crushing Call of Duty public lobbies with your pals, you’re probably not going to notice it in any of your firefights.

Better than a mouse and keyboard? That’s a little more complicated

I tested out the Wolverine V3 Pro 8K PC controller on Marvel Rivals, ARC Raiders and Battlefield 6 (my current first-person shooter obsession). It’s an extremely solid choice for at least two of these games, and I likely won’t be using my DualSense controller anytime soon.

I had a great time firing magic bolts in Marvel Rivals and rolling tanks through the streets of Cairo in Battlefield 6, but this is a controller that was supposedly designed for high-level shooter gameplay. I’m saddened to report that, when it comes to dominating a first-person shooter match or competing to survive in an extraction shooter, I’d much rather stick to a mouse and keyboard.

In close-range battles, I didn’t feel like the Wolverine controller particularly helped me gain an advantage over my opponents. Mouse-and-keyboard players were often able to lock onto me quicker, even with a high look sensitivity and built-in aim assist. And I felt outmaneuvered and outgunned by mouse-and-keyboard players in the fastest-paced fights. But the controller’s precision TMR thumbsticks made it easy to quickly lock my crosshairs onto enemies and mow them down from afar with light machine guns or sniper rifles in long-range battles.

I also find it useful for games like Battlefield that have a lot of buttons to micromanage during moment-to-moment gameplay. If you want to swap your fire mode from automatic to single-fire, mount your weapon’s bipod against a flat surface or pull out an invaluable class gadget, you’ll be reaching across your keyboard to do so. The six remappable buttons on the Wolverine V3 Pro 8K PC are great for these situations; I loved that I could tap fire my hulking light machine gun by gripping one of the controller’s back paddles.

The controller really shone for vehicle combat, though. I found myself gravitating toward my mouse and keyboard for infantry gunplay, but anytime I’d jump into a tank, I’d reach across my desk and grab the Wolverine again. Having pressure-sensitive triggers helps with any in-game driving: A slight squeeze lets me cautiously move forward, scanning for enemy mines, while fully pulling the trigger down helps me speed out of dangerous situations. Rebinding automatic repair jobs and weapon switches to the back paddles also helped me focus more on in-game combat, which helped me keep my armored vehicles in the fight for longer. With my DualSense controller, I’d have to awkwardly fumble with the D-Pad to activate my vehicle abilities. The Wolverine controller is the definitive way for a Battlefield tank enthusiast to play.

Outside of standard first-person shooter gameplay, I also found the Wolverine V3 PC controller to be handy for hero shooters — with some caveats. When I play Marvel Rivals, I mainly play tanks that require an extensive amount of ability usage but very little aim. Characters like Doctor Strange thrive when you can quickly string inputs together, and rebinding the controls to the Wolverine’s back paddles is great for that.

On the other hand, speedy divers that need to jump in and out of the enemy team’s backline and aim-intensive snipers feel tougher to play with the Wolverine controls, and I’d swap back to my mouse and keyboard whenever I wanted to switch off tank characters and fulfill another role for my team.

One game I don’t recommend the Wolverine V3 Pro PC for is ARC Raiders. While the remappable buttons make it easy to reach for healing items and grenades, losing out on the precision aim of a mouse and keyboard just isn’t worth it in a game where one death can set your progress back by several real-life hours. The controller lets me hold my own against killer ARC robots, but once real players join the mix, I’d rather use my tried-and-true PC hardware setup.

That’s not to say that the Wolverine controller is terrible for a tactical third-person shooter: The back paddles are a great way to quickly access any healing items, grenades and other consumables you’re carrying, which could be the difference between life and death. But when I have teammates depending on me to help them escape with their hard-earned loot, I just don’t trust the Wolverine controller to help me aim better than I can with my trusty mouse and keyboard.

For playing first-person shooters like Call of Duty or Apex Legends at breakneck speeds, the Wolverine V3 Pro 8K PC likely won’t replace your mouse and keyboard. But if your ideal competitive game centers on slower gunplay and long-range firefights, this is the most precise controller I’ve ever laid hands on (and you’ll receive a healthy heaping of help from aim assist to boot).

For the games I like to play, the Wolverine V3 Pro PC controller hasn’t become my primary gaming peripheral. Instead, it’s become a great situational swapout that complements my mouse and keyboard. As much as I like keeping it on deck for a long gaming session, $200 is a high price for a part-time controller.

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Today’s NYT Mini Crossword Answers for Wednesday, Dec. 17

Here are the answers for The New York Times Mini Crossword for Dec. 17.

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