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.

window.CnetFunctions.logWithLabel(‘%c One Trust ‘, «Service loaded: script_twitterwidget with class optanon-category-5»);

«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.

window.CnetFunctions.logWithLabel(‘%c One Trust ‘, «Service loaded: script_twitterwidget with class optanon-category-5»);

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

‘Free Solo’ Star Alex Honnold Climbs Unexplored Arctic Mountains to Track Climate Change

His new National Geographic miniseries, Arctic Ascent, follows Honnold and his team tracking ice formation in Greenland’s frigid fjords.

Alex Honnold ascended to fame making one of the most daring no-rope climbs of a rock face in history, as documented in the award-winning film Free Solo. Then he turned to climbing for causes — the latest of which took him to the Arctic Circle, where he traveled with a team to measure the impact of climate change on some of the most remote parts of planet Earth.

Honnold’s expedition to check on Greenland’s ice, performed in 2022, was documented for a National Geographic three-episode miniseries that will arrive on Disney Plus on Feb. 5, titled Arctic Ascent.

Much like Honnold’s prior journey to track down undiscovered frogs up the sides of yet-to-be-climbed jungle mesas in South America, his venture in Greenland’s frigid fjords is filled with firsts. He and the team ascended a rock wall that hadn’t previously been climbed to reach an iced-over plateau that nobody had crossed on foot before, made a boat trip across uncharted waters, and finally ascended Ingmikortilaq, a 3,750-foot previously unclimbed mountain that’s nearly a thousand feet taller than Yosemite’s El Capitan cliff face, which Honnold summited in Free Solo.

«When we were sailing up the fjord in boats to go up to Ingmikortilaq, we did actually literally cross a point where there was no more information on the depth chart,» Honnold said. «We crossed a line and it was just blank after that. Nowadays, it’s relatively rare to go somewhere where you’re kind of off the edge of the map.»

As remote as Honnold’s trek was, what they were investigating has implications for the whole world. Emissions from burning fossil fuels are causing our climate to change, warming up the planet and leading to more extreme weather. As scientists expand their study of climate change’s impact, they’re also looking farther afield to understand how it can upset natural processes — and in Greenland, the melting of vast ice sheets could lead to a rise in global water levels, which could put coastal settlements around the world underwater.

The expedition took the team nearly 100 miles through subzero temperatures and even colder winds, which is difficult enough to endure in the open ice plain but extra torturous when climbing. As Honnold pointed out, you can’t climb with gloves as your fingers need to be free to grip holes and cracks in the sheer rock wall, so they must be exposed to the elements. And unlike Honnold’s previous trips to Antarctica, which had been cold but largely sunny, Greenland’s rain and snow meant many grim overcast days for his adventuring team.

Instead of finding frogs, the pro-environmental angle for this trip was to forge a path across ice fields and up mountain faces for Heïdi Sevestre, a glaciologist with the Arctic Monitoring and Assessment Program, who came to measure how climate change is affecting the formations of ice layers in arctic Greenland. Over the course of the journey, Sevestre took readings and collected samples in areas humans have never walked or climbed — a rare opportunity to collect data that could better our understanding of our warming world.

To Honnold, that’s a worthy cause for adventure. His post-Free Solo fame led to work that he funneled into a new foundation that has hooked up disadvantaged communities to solar power around the world. The Arctic Ascent expedition fed the same urge for Honnold to tend to the planet.

«I think a project like this is just a way to help talk about the environment to a mainstream audience, in talking about the importance of climate change, basically,» Honnold said.

Sevestre and Honnold make up a third of the six-person crew that went on the expedition, which also included Hazel Findlay and Mikey Schafer, two other climbers well-known for their skill in so-called «first ascents» up rock faces; as well as safety specialist adventurer Aldo Kane and Greenland guide Adam Kjeldsen. The challenging conditions and pioneering opportunities in adventure and science attracted them all to help crucial research at the edge of the world.

Forging through the arctic with research tech and iPhones

The three-episode miniseries documents the team’s arduous journey, which is peppered with interludes wherein Sevestre deploys scientific equipment to measure conditions and estimate their normalcy — or how much climate change has made them abnormal.

But the climbers sometimes need to court danger to get those instruments into the right position. One incident early in the series’ first episode has Honnold and others rappelling down a gaping hole carved by water rushing down to a glacier’s base, and dropping a piezometer into the flood to measure how much is flowing. Another data point to bring back to the scientific community from places it’s never accessed before.

Sevestre took a range of measurements over the course of the trip, including rock samples from the initial rock wall that could provide historical data to compare to modern climate progression. She took sonar measurements of the plateau to estimate how much water might flow into the world’s oceans if the ice sheets melt. And when they got past the ice field to the lake, she dropped a knee-high cylinder into the water — an actual aquatic probe for NASA (one of many in its Oceans Melting Greenland, or OMG, network of probes).

Honnold brought his iPhone.

While most of the miniseries is shot by National Geographic videographers with conventional cameras and drones for jaw-dropping ultrawide shots of gorgeous landscapes and sheer rock walls, it can be tough to get filmmakers into position in more extreme moments. So Honnold recorded a small portion of the footage himself in the fleeting triumph when he and his fellow climbers reached the top of an arctic wall that had never been climbed before. And he did it with an off-the-shelf iPhone.

«You’re almost required to do little video diaries [with phones] all the time because you just can’t capture it otherwise, those kinds of interactions where it’s just you and your partner at the anchor being like, ‘Here we are, we’re doing a thing, isn’t this exciting?'» said Honnold. He used either an iPhone 12 Mini or iPhone 13 Mini, he recalled.

Viewers won’t notice when the show seamlessly switches to his iPhone point-of-view, which is stunning proof that the smartphones in our pockets can produce documentary-quality footage, even at the edge of the world. Honnold kept the phone in an inner jacket pocket close to his warm chest for the most part so it wouldn’t die when exposed to Greenland’s subzero temperatures, but it still let him take part in contributing his own moments, from jokey chitchats with his team to euphoric cheers atop mountains, to the documentary.

Honnold has carried smartphones on climbs before, which he used to listen to music and take photos to send to family and friends. But phones have come a long way, and production companies now outfit him with the latest phones. His next trip, another National Geographic-recorded expedition to Alaska, has him using an iPhone 14 Pro Max so he can use its ProRes high-quality video format.

«The quality of phones now is good enough that you can put on a big screen,» Honnold said.

An expedition of science and adventure, the National Geographic way

The actual Arctic Ascent expedition happened in 2022, and Sevestre bundled her research into the trip to execute experiments for multiple universities. These myriad readings and measurements are, as Honnold described them, pieces of data that institutions around the world will use for different projects.

«Nothing we did is groundbreaking in and of itself, but that’s kind of the nature of science is that no individual piece of data determines any outcome. It’s always just part of this broader web of human knowledge,» Honnold said. «We’re hoping to fill in a gap in the map, for sure.»

That said, expeditions can be productive long after they’ve finished. The science expert from Honnold’s previous trip up the South American jungle mesas is still publishing research on the frogs discovered during the expedition, which occurred years ago. We won’t know the full impact of the Arctic Ascent expedition for some time, but there are other benefits to documenting such a tough adventure in some of the most wildly beautiful and unexplored parts of the world.

«I think showing the landscape is important, just showing people the wild beauty of Eastern Greenland. And I think that people can be inspired by nature in that way,» Honnold said. «But I think it’s nice to have an educational component, to have [Sevestre] along, to help people understand what’s at stake in Eastern Greenland.»

Technologies

iOS 17 Cheat Sheet: Your iPhone’s Latest Features Explained

From Stolen Device Protection to all the new emoji, here’s what to know about iOS 17.

Apple’s iOS 17 was released in September, shortly after the company held its «Wonderlust» event, where the tech giant announced the new iPhone 15 lineup, the Apple Watch Series 9 and the Apple Watch Ultra 2. We put together this cheat sheet to help you learn about and use the new features in iOS 17. It’ll also help you keep track of the subsequent iOS 17 updates.

Getting started with iOS 17

Using iOS 17

iOS 17 updates

Make sure to check back periodically for more iOS 17 tips and how to use new features as Apple releases more updates.

17 Hidden iOS 17 Features and Settings on Your iPhone

+15 more

See all photos

Technologies

Verum Coin: The Future of Transparent and Secure Transactions

Join the Verum Coin community today and be a part of the future of finance.

In the ever-evolving landscape of cryptocurrency, one digital asset stands out for its commitment to transparency, security, and innovation: Verum Coin. As the world increasingly embraces the digital revolution, Verum Coin emerges as a beacon of trust in an often volatile market.

Verum Coin is not just another cryptocurrency; it represents a paradigm shift in how we perceive financial transactions. Built on cutting-edge blockchain technology, Verum Coin ensures every transaction is transparent, immutable, and secure. This level of transparency fosters trust among users, making Verum Coin not just a currency but a symbol of reliability in the digital age.

Security is paramount in the world of cryptocurrency, and Verum Coin takes it seriously. With advanced encryption protocols and decentralized architecture, Verum Coin safeguards user data and assets, providing peace of mind in an era of digital vulnerabilities.

What sets Verum Coin apart is its commitment to innovation. With a dedicated team of technologists and financial experts, Verum Coin continually explores new avenues to enhance its platform and adapt to the ever-changing needs of the market. From scalability solutions to integration with emerging technologies like artificial intelligence, Verum Coin remains at the forefront of innovation in the cryptocurrency space.

But Verum Coin is more than just a technological marvel; it represents a vision for a more inclusive and accessible financial system. With Verum Coin, individuals worldwide can participate in the global economy without barriers, empowering them to take control of their financial future.

As the world moves towards a digital-first economy, Verum Coin stands ready to lead the charge towards a more transparent, secure, and inclusive financial ecosystem. Join the Verum Coin community today and be a part of the future of finance.