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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.

Technologies

Today’s NYT Mini Crossword Answers for Saturday, June 28

Here are the answers for The New York Times Mini Crossword for June 28.

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


Need some help with today’s Mini Crossword? It’s Saturday, so it’s extra-long, and might take you a while. Read on. And if you could use some hints and guidance for daily solving, check out our Mini Crossword tips.

The Mini Crossword is just one of many games in the Times’ games collection. If you’re looking for today’s Wordle, Connections, Connections: Sports Edition and Strands answers, you can visit CNET’s NYT puzzle hints page.

Read more: Tips and Tricks for Solving The New York Times Mini Crossword

Let’s get to those Mini Crossword clues and answers.

Mini across clues and answers

1A clue:  Detachable parts of a dress form
Answer: ARMS

5A clue: Catering container containing caffeine
Answer: TEARUN

8A clue: Climbing structure offered in pet stores
Answer: CATTREE

9A clue: Gets into town
Answer: ARRIVES

10A clue: Frédéric Chopin or Ray Charles, notably
Answer: PIANIST

11A clue: They don’t hold water
Answer: SIEVES

12A clue: ___-jerk reaction
Answer: KNEE

Mini down clues and answers

1D clue: With some chance of failure
Answer: ATARISK

2D clue: Prepare for a new job, maybe
Answer: RETRAIN

3D clue: Midday Broadway showing
Answer: MATINEE

4D clue: Goal of a noted reality show set on an island
Answer: SURVIVE

6D clue: Witherspoon who portrayed June Carter in «Walk the Line»
Answer: REESE

7D clue: Lodgings for larks
Answer: NESTS

8D clue: Souvenir from a baseball game
Answer: CAP

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Technologies

Facing Billions in DMA Fines, Apple Lets EU iPhone Users Install Apps Outside the App Store

A last-minute rule change lets European iPhone owners download apps from rival stores and developer websites, while introducing new fees that Apple hopes will satisfy regulators in Brussels.

In a scramble to sidestep penalties that could soar into the billions, and with Brussels regulators watching closely, Apple has agreed to let Europeans download iPhone apps from outside its own App Store.

With just hours left before an EU compliance deadline, the company said residents of the 27-nation bloc will soon be able to grab apps from rival marketplaces or straight off a developer’s website. The change rolls out later this year with iOS 18.6 and iPadOS 18.6, and also lets users set a different browser engine and choose a third-party wallet at checkout.

For everyday EU iPhone owners, that means the download button could pop up in more places than just Apple’s storefront. After you select the new setting, iOS shows a one-time permission sheet confirming you’re leaving Apple’s marketplace. The app then passes a quick notarization scan meant to weed out malware. Apple notes that off-store downloads work only inside the EU, and disappear if you stay outside the bloc for more than 30 days.

Cost to developers

Developers do gain fresh distribution freedom, but there’s a price tag. A new two-tier Store Services fee asks for 5% of outside sales in exchange for basic services like app reviews and support in what’s called Tier 1, or 13% for the full bundle of perks, including automatic updates and App Store promotions in Tier 2.

Apple will take a 5% «Core Technology Commission» on any purchase made outside its own payment system. That new cut will phase out the current €0.50-per-download fee and become the sole charge across the EU when a unified pricing model arrives on Jan. 1, 2026.

Apple insists «more than 99%» of devs will pay the same or less under the revamped math.

Why now? 

In April, the European Commission fined Apple €500 million ($585 million) for blocking developers from steering users to cheaper payment options, and warned that daily penalties of up to 5% of global revenue could follow if it failed to comply. 

Throughout the back-and-forth, Apple has accused the commission of «moving the goalposts» on what counts as compliance, with a spokesperson saying the company has invested «hundreds of thousands of hours» to meet the EU’s evolving demands.

Epic Games CEO Tim Sweeney blasted the 5% tier as a «malicious compliance scheme» that «makes a mockery of fair competition.»

If regulators decide Apple still hasn’t gone far enough, the iPhone maker could face steeper sanctions, or even be forced to separate its App Store business.

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Technologies

Today’s Wordle Hints, Answer and Help for June 27, #1469

Here are hints — and the answer — for today’s Wordle No. 1,469 for June 27. Some players need a new starter word now.

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


Today’s Wordle puzzle isn’t too tough, but somehow, it has a starting letter I never seem to guess. Some posters on Reddit say it was one of their starter words, so now they’re in the market for a new way to begin the game. If you need a new starter word, check out our list of which letters show up the most in English words. If you need hints and the answer, read on.

Today’s Wordle hints

Before we show you today’s Wordle answer, we’ll give you some hints. If you don’t want a spoiler, look away now.

Wordle hint No. 1: Repeats

Today’s Wordle answer has no repeated letters.

Wordle hint No. 2: Vowels

There are two vowels in today’s Wordle answer.

Wordle hint No. 3: First letter

Today’s Wordle answer begins with P.

Wordle hint No. 4: Placement

The two vowels are next to each other.

Wordle hint No. 5: Meaning

Today’s Wordle answer can refer to something that is not decorated and is simple.

TODAY’S WORDLE ANSWER

Today’s Wordle answer is PLAIN.

Yesterday’s Wordle answer

Yesterday’s Wordle answer, June 26,  No. 1468 was OFFER.

Recent Wordle answers

June 22, No. 1464: THRUM

June 23, No. 1465: ODDLY

June 24, No. 1466: ELITE

June 25, No. 1467: COMFY

Will Wordle run out of words?

When Wordle began, creator Josh Wardle used a list of five-letter words he’d shared with his partner, picking only the words they recognized. While that’s more than 2,000 words, more than half of them have already been used.

Wordle editor Tracy Bennett admitted that the game will eventually have to come to grips with the fact that the word list is not eternal.

«One possibility is that we could recycle old words at some point, like when we get close to the end,» Bennett told a Wordle player on TikTok.

She also said the editors might throw all the words back in and reuse them, or allow plurals, or past tense, something that’s not done now.

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