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

Meta Raises Prices on Quest 3 and Quest 3S Due to RAM Shortage

The VR headsets are RAMageddon’s latest victims.

Meta’s latest virtual reality headset, the Meta Quest 3 (512 GB), will cost $100 more starting Sunday. You can blame the ongoing RAM shortage.

Meta released the pricing update on Wednesday in a blog post calling out price increases for the Meta Quest 3 and 3S models. «The cost of building high-performance VR hardware has risen significantly,» Meta said in the post explaining the increase.

High demand from AI data centers is straining memory chip supplies, causing supply constraints and price increases in consumer tech. Many experts aren’t expecting the RAM shortage to end until 2028.

Counterpoint Research released findings in February showing that RAM costs increased by 80% to 90% in the first quarter of this year. Tech companies continue to hike prices, with Microsoft being the latest to increase the cost of the Microsoft Surface and Samsung doing the same for some Galaxy devices.

Here’s the original pricing as of Thursday, along with what you can expect to pay starting April 19.

Price changes for Meta Quest 3 models

Meta Quest model and storage	Original price	New price
Meta Quest 3S (128 GB)	$300	$350
Meta Quest 3S (256 GB)	$400	$450
Meta Quest 3 (512 GB)	$500	$600

Expect price bumps for refurbished Meta Quest headsets. Prices for Quest accessories will remain the same for now, though we’re unsure whether this applies to games in the Meta store, or whether there’ll be a change in the future.

Meta did not immediately respond to a request for comment.

The Meta Quest 3 and 3S are Meta’s latest virtual reality headsets. The Quest 3S is the budget-friendly version, while the Quest 3 is the «pro» model. CNET’s Scott Stein rated both models high for their mixed reality, with better color cameras and improvements from the Quest 2.

Technologies

Planet Parade in the Sky: How to View 4 Planets Lined Up This Week

The cosmic lineup of Mercury, Mars, Jupiter and Neptune is here.

Space activity has picked up this month, with two meteor showers and the historic Artemis II mission, which sent humans back to the moon and splashed down on Earth last Friday.

Stargazers have a few more things coming in April, including a planet parade where four planets — Mercury, Mars, Jupiter and Neptune — appear in the sky at the same time.

The small parade started on Thursday, April 16, and lasts until nearly the end of the month. All four planets will be relatively close to one another on the eastern horizon just before sunrise each day. To view the parade, you’ll need to stay up almost all night or wake up very early. And it’s best to grab a telescope.

The optimal time to view it depends on where you are. If you’re at a higher elevation, try just before 6 a.m. local time. If you’re at sea level, wait for the planets to come up above the horizon just after 6 a.m. local time. The planets will be swiftly chased by the sun, giving viewers a narrow window to view all four planets before sunrise.

Since sunrise varies based on location, you may have as long as 40 minutes or as little as 20 minutes to see all four planets. You’ll want to check the local sunrise times to see if you have enough time to spot all four before the sun comes up.

The proximity to the sun and the narrow window make April’s planet parade one of the more difficult ones to see, according to Geza Gyuk, senior director of astronomy at Chicago’s Adler Planetarium.

«Mercury is, as always, close to the sun and hard to see,» Gyuk told me. «Since Mars and Saturn will be close to Mercury, they will also be hard to see without a very low eastern horizon.»

The best days to try to see the planet parade are between Saturday, April 18 and Friday, April 24. Before those dates, Saturn is a bit close to the sun and rises late over the horizon, and after them, Mercury starts to drift precariously close to the sun.

Get out (or borrow) a telescope

Skygazers need a telescope at a minimum to see all four planets, since Neptune is not visible to the naked eye.

Even using a telescope, Gyuk says it takes some skill to pick out Neptune in the night sky. He recommends taking a pair of binoculars as well, since it’ll make the other three planets easier to see. But he warns skygazers to be careful not to look directly at the sun while using them.

The usual stargazing rules apply: You’ll have better luck away from light pollution, so leave the city and suburbs to get the best view.

The chance to see four planets in the sky at the same time, and so close together, isn’t terribly common. Gyuk says that astronomers tend not to refer to these events as planet parades — instead calling them «planetary alignments» — but also rarely pass up the opportunity to view planets in unique configurations like this.

«I always try to catch a glimpse at least whenever this sort of planetary alignment occurs,» Gyuk said. «It is a thrill to me.»

Technologies

Today’s NYT Strands Hints, Answers and Help for April 17 #775

Here are hints and answers for the NYT Strands puzzle for April 17, No. 775.

Looking for the most recent Strands answer? Click here for our daily Strands hints, as well as our daily answers and hints for The New York Times Mini Crossword, Wordle, Connections and Connections: Sports Edition puzzles.

Today’s NYT Strands puzzle is pretty difficult. Hope you know your sea creatures! Some of the answers are difficult to unscramble, so if you need hints and answers, read on.

I go into depth about the rules for Strands in this story.

If you’re looking for today’s Wordle, Connections and Mini Crossword answers, you can visit CNET’s NYT puzzle hints page.

Read more: NYT Connections Turns 1: These Are the 5 Toughest Puzzles So Far

Hint for today’s Strands puzzle

Today’s Strands theme is: Shell company.

If that doesn’t help you, here’s a clue: By the sea.

Clue words to unlock in-game hints

Your goal is to find hidden words that fit the puzzle’s theme. If you’re stuck, find any words you can. Every time you find three words of four letters or more, Strands will reveal one of the theme words. These are the words I used to get those hints but any words of four or more letters that you find will work:

LOCK, LOCKER, MOLLS, SOCK, TOLL, CALM, POLL, POLLS, POLE

Answers for today’s Strands puzzle

These are the answers that tie into the theme. The goal of the puzzle is to find them all, including the spangram, a theme word that reaches from one side of the puzzle to the other. When you have all of them (I originally thought there were always eight but learned that the number can vary), every letter on the board will be used. Here are the nonspangram answers: