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What’s the big deal about NFTs? Here’s the madness behind these expensive digital tokens

NFTs are selling out in minutes for thousands of dollars. We’ll explain why.

NFTs, or nonfungible tokens, can be tied to a video highlight, a meme or a tweet. But what are they? Think of NFTs as a digital asset that’s expensive but may make you a lot of money in the future (or maybe not) — similar to cryptocurrency but not quite (more below). But it doesn’t quite mean that you own an asset or piece of art (more below).

The tokens are so popular that Time Magazine‘s 4,500 TIMEPieces reportedly sold out in one minute on Wednesday’s release date. And Tiger Woods recently sold NFTs of digital autographed collectibles (more below). If you’re looking to buy an NFT, the starting price may be affordable but the bidding wars for NFTs could make the digital token worth a lot more. The interest has created new levels of hype from Visa, Warner Music Group and Nike.

In short, NFTs offer a blockchain-created certificate of authenticity for a digital asset or piece of art. If this doesn’t make much sense to you, it’s OK. We’ll break down what NFTs really are, how much they cost and how you can bid on a digital asset to have an NFT of your own.

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.

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.

Tiger Woods is currently thousands of digital collectibles on Autograph on the DraftKings marketplace. The collection starts at $250. Naomi Osaka, Derek Jeter and Tonk Hawk are also releasing digital collectibles on Autograph, which is co-founded by Tom Brady.

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 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.

And in early October, Christie’s will auction off 200 NFTs of featured Art Blocks art from its Post-War to Present collection, some of today’s most popular NFTs. The live bidding will happen in Ethereum on Oct. 1. The art sale will start at $50,000.

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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.

If I have an NFT, do I own the asset?

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.

«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 are the pitfalls 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.

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My Teen Loves Her Apple AirPods Pro 2 and You Will Too With This $100 Off Deal for Black Friday

Apple’s AirPods Pro 2 have everything you could want from a pair of wireless earbuds, plus a steep discount.

Black Friday deals: The Apple AirPods Pro 2 are some of the best personal audio gear on the market, even if they aren’t the latest model anymore. Sure, Apple’s AirPods Pro 3 are the newest earbuds in the lineup but the AirPods Pro 2 are still an excellent pick for most people.

They’re an even better buy this week during early Black Friday sales when you can get your hands on a pair of Apple AirPods Pro 2 at a discount. Right now, Walmart is shaving a massive $100 off the AirPods Pro 2, dropping the cost to $139. That’s one of the lowest prices we’ve seen — but we doubt this deal will stick around for long.

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My 13-year-old daughter loves her music and her privacy, and for years she has wanted a pair of AirPods. They’re not cheap so I’ve only been getting her more budget options, like the Amazon Echo Buds, as a result. These kept seemingly disappearing, though, so I finally ponied up for the AirPods Pro 2.

I picked them up during last year’s sales, and they were definitely well-received. She’s happy, she uses them every day, and she hasn’t lost them yet. The AirPods Pro 2 are currently on sale at Walmart for $139, a nice price for a high-quality pair like these, and one of the lowest we’ve seen.

What about the AirPods Pro 3?

The AirPods Pro 3 weren’t available at the time I bought the AirPods Pro 2, but they were rumored, and I didn’t wait to see what they offered. As CNET’s resident headphone expert, David Carnoy summarized in his AirPods Pro 3 and Pro 3 comparison, the newer model is «significantly improved in the four most important areas: fit, sound quality, noise cancellation and battery life.» They also have heart-rate monitoring, like the Beats Powerbeats Pro 2.

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While these are undoubtedly all important things, a lot of people aren’t going to notice the differences or make the most of the new features. With the AirPods Pro 3 being newer, they’re on a smaller sale and are currently available at Amazon for $220, which is $30 off the list price.

Why I didn’t get the AirPods 4 instead

Why did I choose AirPods Pro 2 instead of the AirPods 4 with ANC? First, as I mentioned in another article about a different pair of earbuds I bought, I think sealed, in-ear buds are better than open-design models like the AirPods 4. The seal creates another layer of noise isolation and contributes to superior sound quality, and if you want to pay attention to the world you can always engage ambient sound mode, which Apple calls transparency mode. 

Also a factor was that, at the time, Carnoy considered the Pro 2 the best Apple noise-canceling wireless earbuds: «While we’re quite impressed with those new models — and with the AirPods 4 ANC in particular — the AirPods Pro 2 remain arguably the best Apple AirPods you can buy if you don’t mind having silicone ear tips jammed in your ears,» he said.

My daughter uses earplugs all the time to help her sleep, so she definitely qualifies as somebody who’s comfortable stuffing things in her ears. Like her fingers, when I start using words like «sigma,» «skibidi» and «relatable» to try to relate to her.

I asked Carnoy about the Pro 2s potentially not fitting in her kid-size ears and he reassured me that the range of eartips that come with the Pro 2s «now include XS, so they should fit.» 

Do AirPods make a great gift?

It took me years to finally understand, but yes, for someone looking for wireless earbuds, AirPods — especially the Apple AirPods Pro 2 — make the perfect gift, regardless of whether you’re a teenage girl. 

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If You’re Flying for the Holidays, This Bluetooth Dongle Transforms In-Flight Movies, and It’s 35% Off for Black Friday

Watch airplane movies just like you would at home with this game-changing device.

Air travel for the holidays can be stressful, especially when winter weather or flight delays force a change of plans, but one perk of flying still remains — watching new-release movies. However, in-flight entertainment on most airlines usually requires a wired set of earbuds. (And the ones the airline hands out are so bad they may as well not even be connected.) 

I’d far prefer to use my wireless, noise-canceling AirPods Pro, but they connect only via Bluetooth. There’s a simple tech solution that makes viewing movies on the plane feel more like watching them on your couch.

The AirFly is a simple Bluetooth dongle that allows me to connect my wireless earbuds directly to the airplane’s entertainment system, eliminating the need for adapters or wired workarounds. 

It’s become a must-pack item in my travel bag. Since I started using it, I’ve stopped dreading in-flight audio and finally get to enjoy movies on the plane. If you fly often, this little gadget could completely change how you travel. And the base level AirFly SE is 35% off for Black Friday at Amazon.

The AirFly Pro lets me enjoy in-flight entertainment

The AirFly Pro from Twelve South is a minimally designed dongle that allows me to connect to the 3.5mm headphone jack in my airplane seat, enabling me to listen to in-flight entertainment on my noise-canceling earbuds.

All I have to do is pair the AirFly with the Bluetooth headphones I’m using, such as my AirPods Pro, plug the AirFly into the display in front of me, and I’m all set. I don’t even need to use my phone to connect the two devices.

There are several versions of the AirFly: the AirFly SE, which is currently on sale for $26 on Amazon and connects to just one set of headphones, the AirFly Pro at $55, the Pro V2 at $60 and the Pro 2 Deluxe at $70, which comes with an international headphone adapter and a suede travel case.

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I use the AirFly Pro, which has been a game-changer for me on flights. I’ve never had to worry about battery life since the AirFly Pro lasts for over 25 hours and can be fully charged in just three hours. I can also pair two separate pairs of headphones to a single AirFly Pro, in case I’m with someone else on a flight and want to watch the same movie or show. 

And if that’s not enough, the AirFly Pro also doubles as an audio transmitter, allowing me to turn any speaker with a headphone jack, such as my old car stereo, into a Bluetooth speaker.

The AirFly Pro makes a great gift for any traveler

The AirFly Pro is the perfect present to give to someone who’s planning to travel this year. Besides my Anker MagSafe battery pack, the AirFly Pro has become my most treasured travel accessory when I fly, which is why I consider it one of those can’t-go-wrong gifts. 

For more travel gear, here are our favorite tech essentials to travel with and our favorite travel pillows.

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Today’s NYT Connections Hints, Answers and Help for Nov. 24, #897

Today’s Connections puzzle is kind of tough. Here are hints, answers and help for Nov. 24, #897.

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

Today’s NYT Connections puzzle is kind of tough. The purple category once again wants you to find hidden words inside other words. If you need help sorting the words into groups, you’re in the right place. Read on for clues and today’s Connections answers.

The Times now has a Connections Bot, like the one for Wordle. Go there after you play to receive a numeric score and to have the program analyze your answers. Players who are registered with the Times Games section can now nerd out by following their progress, including the number of puzzles completed, win rate, number of times they nabbed a perfect score and their win streak.

Read more: Hints, Tips and Strategies to Help You Win at NYT Connections Every Time

Hints for today’s Connections groups

Here are four hints for the groupings in today’s Connections puzzle, ranked from the easiest yellow group to the tough (and sometimes bizarre) purple group.

Yellow group hint: Like an air fryer.

Green group hint: In your vehicle.

Blue group hint: Take out your laptops, dump out your water.

Purple group hint: Like a rainbow.

Answers for today’s Connections groups

Yellow group: Small kitchen appliances.

Green group: Features of a car’s center console.

Blue group: Seen while going through airport security.

Purple group: Ending in colors.

Read more: Wordle Cheat Sheet: Here Are the Most Popular Letters Used in English Words

What are today’s Connections answers?

The yellow words in today’s Connections

The theme is small kitchen appliances. The four answers are blender, microwave, rice cooker and toaster.

The green words in today’s Connections

The theme is features of a car’s center console. The four answers are air conditioner, cup holder, radio and shifter.

The blue words in today’s Connections

The theme is seen while going through airport security. The four answers are bin, carry-on, metal detector and X-ray.

The purple words in today’s Connections

The theme is ending in colors. The four answers are infrared, marigold, stingray and ultraviolet.

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Toughest Connections puzzles

We’ve made a note of some of the toughest Connections puzzles so far. Maybe they’ll help you see patterns in future puzzles.

#5: Included «things you can set,» such as mood, record, table and volleyball.

#4: Included «one in a dozen,» such as egg, juror, month and rose.

#3: Included «streets on screen,» such as Elm, Fear, Jump and Sesame.

#2: Included «power ___» such as nap, plant, Ranger and trip.

#1: Included «things that can run,» such as candidate, faucet, mascara and nose.

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