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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

Resident Evil Requiem Revealed, but Where’s Leon Kennedy?

The Resident Evil 9 trailer showed off a new character, but not the much-rumored return of Leon.

After a fake-out earlier in Summer Game Fest on Friday, Resident Evil Requiem, or Resident Evil 9, was shown for the first time. 

The new title is the first mainline entry since Capcom released Resident Evil Village in 2021, and is rumored to feature series stalwart Leon Kennedy. In the trailer, the only person we saw was a character named Grace Ashcroft, who works for the FBI and appears to have ties to Raccoon City.

For the most hardcore Resident Evil fans, the name Ashcroft will ring a bell. Alyssa Ashcroft was one of the survivors of the online-only title, Resident Evil Outbreak for the PS2. Alyssa was a journalist who was trapped in Raccoon City during the events of Resident Evil 2, and she, along with other survivors, had to escape the city before it was destroyed.

Grace is Alyssa’s daughter, and in the trailer, she is going to visit the Remwood Hotel, where Alyssa was murdered. Later in the trailer, images from what appears to be the remnants of a destroyed Raccoon City are shown — including the police department from RE2 — so it appears Resident Evil 9 will return to where the series started. 

Leon’s (rumored) return is a big deal for the series, which has made some of its best games with him in the starring role. He first showed up as a rookie cop in Resident Evil 2, which built on the original game’s success with more story and improved monsters and level design.

He showed up again in Resident Evil 4, which took the series in a new direction by introducing an over-the-shoulder perspective, instead of the usual static camera angles and tank controls. Leon was also one of several playable protagonists in Resident Evil 6, a game that seemed to forget about its survival horror roots. We mostly don’t talk about that one.

But the 2019 remake of Resident Evil 2 was an excellent return to form, bringing RE4’s gameplay and much better graphics to a fan-favorite entry. The RE4 remake was a similar success.

Resident Evil Requiem is set to drop Feb. 27, 2026, for PC, PS5 and Xbox Series consoles, but we’re hoping to get our hands on it this weekend. If you want to catch up on older Resident Evil games, Capcom is having a sale that includes basically all the games, including Village and the three remakes.

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Technologies

The Switch 2 Is Here, and I’ve Scoured the Internet for Every Accessory Available Right Now

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Technologies

T-Mobile’s Free Premium iPhone 16 Pro Deal Explained. Learn Exactly How It Works

Along with a free iPhone, you can get an extra $800 to pay off your old device.

If you’re starting a new cell phone plan, most major mobile carriers require a multiyear commitment so it’s a big decision you need to consider carefully. First, think about the plan and provider itself: What’s the best coverage in your area and how many lines do you want to add? Next, compare the best mobile phone plan deals to save yourself the most money

T-Mobile has some fantastic deals right now you can take advantage of that make it a pretty competitive pick — especially for Apple fans looking to upgrade.

T-Mobile’s incentives include free lines and streaming services but one huge highlight is the chance to snag the top-rated iPhone 16 Pro free. The language on some of these offers can be a little confusing so we’ve broken down how T-Mobile’s current deals work below. Note that there aren’t any set expirations for these offers so they could vanish at any moment. We wouldn’t wait too long if you’re hoping to take advantage of these savings.

Why these deals matter

You more or less need a phone with reliable coverage these days but costs can add up quickly. Whether you’re looking to upgrade your mobile device or shopping for the best family plans, these T-Mobile deals can help save you some serious cash each month.

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