Technologies

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

Cicadas Are Coming: Here’s What We Know About Brood XIX and Brood XIII

Get ready for double the cicada buzz in 2024, depending on where you live.

Ah, the sounds of summer. Splashing waves at the beach, a lawn sprinkler spinning deliriously, the bells of an ice-cream truck … and the constant buzz of cicadas. If you live in certain states, get ready, because they’re coming back in 2024.

Cicadas, winged insects with an especially loud song, have a weird life cycle. They grow underground, but we humans mostly pay attention to them when they emerge into our above-ground world.

There are annual cicadas, which emerge from their underground life every year at various times. Then there are periodical cicadas, which emerge only every 13 or 17 years. Those groupings are called broods and are numbered. Because of their trackable schedule, these broods of periodical cicadas tend to steal all the headlines from their annual cicada comrades.

This summer, it’s a double-brood year. That’s rare. According to ScienceAlert, the last time it happened was in 1803. One brood on a 13-year-cycle — called Brood XIX — and another on a 17-year cycle — called Brood XIII — are expected to pop out of the ground in 2024.

Here’s what to know before they take over your neighborhood between May and June, including how to protect your hearing from all that cicada noise — and whether climate change could be responsible for be disrupting the cicada cycle.

What’s expected in 2024

Brood XIX

Brood XIX, also called the Great Southern Brood, is the biggest brood of 13-year periodical cicadas, if you go by geographical distribution. It was last seen in 2011 in the Southeast US. Most periodical cicadas are on a 17-year cycle, but Brood XIX is on a 13-year cycle. The two other surviving 13-year broods are expected to return in 2027 and 2028.

This brood is expected to re-emerge in mid-May and stay around through late June. The cicadas tunnel to the surface, mate, lay their eggs and then die off. Look (and listen) for them in Alabama, Arkansas, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee and Virginia.

Brood XIII

Brood XIII is known as the Northern Illinois Brood. (Illinois seems to appeal to cicadas more than any other state. Experts at the University of Connecticut say that the Land of Lincoln «contains both 13- and 17-year life cycles, all seven currently recognized species, and five separate broods, some of which include disjunct populations.» Talk about the Big Noise from Illinois.

This is one of the 17-year cicada broods. It was last seen in 2007 and should be back from mid-May to late June, just like Brood XIX. They are expected to appear in Illinois, Indiana, Iowa, Wisconsin and possibly Michigan.

The basics about cicadas

According to the EPA, cicadas are about 1 to 1.5 inches long, with a wingspan twice that length. They have black bodies, red-brown eyes and membranous wings with orange veins. The noise that makes them famous is the loud courting sound of the adult males.

The name of the species is pronounced differently in the US, where most people say «suh-KEI-duh,» than it is in the UK, where people tend to say, «suh-KAA-dah.»

What to do about the cicadas

Live and let live — they’re temporary and harmless. Cicadas may be noisy, but they don’t bite or sting. And unlike termites, they won’t chew their way into your house, though they could enter through open doors and windows as other insects can. In fact, pest-control experts say that pesticides don’t work on cicadas.

«It’s a waste of (pesticide), and it’s a danger to the environment just to spray down because you’re afraid of the cicadas,» one expert told CNET in 2021.

How can you manage the cicada noise?

The main problem with the cicadas is obvious: their constant buzzing noise. They’re around only for about six weeks, however, so experts have some ideas for how to keep the sound from driving you buggy.

These aren’t cicada-specific remedies, but they work. You might try noise-canceling headphones, white-noise machines or simple earplugs. You can also try some DIY soundproofing, such as weather-stripping foam tape.

Climate change and cicadas

Climate change brings rising global temperatures, and the cicadas aren’t working with a calendar, they’re reacting to temperatures. So it’s unsurprising that scientists believe climate change affects the cicadas as well.

Chris Simon, a professor in the department of ecology and evolutionary biology at the University of Connecticut, has studied and researched cicadas for years.

«Warmer winters and earlier springs will cause cicadas to come out earlier,» Simon told CNET. «Warming climates also increase the growing season in a given area so that cicadas may be ready to emerge from the ground years earlier — generally four years earlier — turning 17-year cicada populations into temporary 13-year cicadas. If this happens repeatedly, we hypothesize that 17-year cicadas could become permanent 13-year cicadas.»

But that change wouldn’t reduce the number of cicadas, Simon told CNET, just adjust their schedule. And it shouldn’t affect the food chain, because «the animals that eat them above ground would see them more often, and the animals that eat them underground would still do so,» Simon said.

While it’s possible that climate change could force the cicadas to move farther north, that won’t be an immediate change. Simon notes that periodical cicadas can move only as adults, and that can happen only for about for weeks every 13 or 17 years. While periodical cicadas can fly, they tend not to move much or migrate long distances. Human-made asphalt and cement obstacles could also prevent the cicadas from taking off to the great white north.

How you can help cicada researchers

Want to help scientists learn more about periodical cicadas?

«Citizen scientists are critical for filling in the parts of the distribution that we do not have time to visit or unknown parts of the distribution that we can later verify,» Simon told CNET.

To help you can download Cicada Safari for iOS or Android, a free app developed by Simon’s colleague Gene Kritsky. The app asks people to take a cicada photo using their phone, with geolocation allowed.

«(Kritsky’s) team will verify photos and log the data and share it with us,» Simon said.

How to protect new, small trees from cicadas

While cicadas shouldn’t hurt large, mature trees, new young trees may be vulnerable. Female cicadas like to lay their eggs on trees where new leaves are located, puncturing the branches and possibly causing leaves to wither, turn brown and even snap. So if you live in a cicada territory, hold off on planting any new trees until they’re gone, which should be in late June.

If you have new small trees and are worried about cicada damage, you may want to loosely wrap their trunks and the areas where twigs meet the branches. You can use cheesecloth, foil tape, barrier tape or sticky tape. You could also use landscaping nets around smaller trees. CNET has a guide to tree protection against cicadas.

People eat cicadas?

This last bit isn’t for everybody, but you can actually eat cicadas. Don’t even try it, though, if you have seafood allergies, because cicadas are related to shrimp and lobster.

If you’re made of tough stuff and don’t get easily queased-out by unusual foods, there are plenty of simple cicada recipes on the web. An expert from Johns Hopkins University says they’re «quite tasty» but admits «the yuck factor» might keep most of us from even trying.

The good news, though, is that if your dog wolfs a few down — and dog owners know some pups will eat literally anything — cicadas shouldn’t harm them. Just watch that they don’t choke from eating too many at once.

Technologies

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

From Stolen Device Protection to 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

Title: Revolutionizing Roaming: USA E-SIM — Internet Without Borders!

Embark on a journey without boundaries: USA E-SIM provides internet access in 150+ countries at rates lower than traditional roaming, with no speed limitations.

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