Editor’s Edition: Everything you need to know about NFTs

U.S. rock band Kings of Leon became the first band to sell its latest album as an NFT (non-fungible token) and Jack Dorsey, Twitter CEO and co-founder, sold his very first tweet as an NFT for about $2.9 million.

In this episode of Editor's Edition, Ramona Pringle, tech expert and associate professor at Ryerson University, breaks down what an NFT is and why it's so popular right now.

She says that it uses a type of technology that links very specific items to a token, and being non-fungible means it is unique. Pringle likens an NFT to a fingerprint; everyone has it and it’s original to each person. She adds its popularity right now is because it's a new economic model that re-introduces value to goods.

“There’s a lot of speculation over this being a new economic model. It’s a new way to make money; it’s a new way to show value or create value. Essentially value is tied inherently to scarcity and demand,” she said. “This is a way to reintroduce that notion of scarcity and demand, and as such reintroduce value in industries where it may have been harder to generate value before.”

Pringle explains what the future of NFTs will look like and if they will be ubiquitous.