The Nashville Predators are getting in on NFTs; here's what it means

NASHVILLE, Tenn. (WTVF) — The Nashville Predators are getting in on NFTs. They're the latest financial craze that have become infamous for how difficult they are to understand.

WHAT’S AN NFT?

• An NFT is what’s called a non-fungible token. Think of them as collectibles that live online.
• The Preds describe them on their website as unique digital assets using blockchain technology. For non-internet savvy folks, think of it as a digital trading card that the original can’t be reproduced. They say there’s only certain number of NFTs that are produced. Once they are gone, they say no more will be created.
• Read more about NFTs here.

This first series of NFTs for the Preds is called the origin series – it’s a gold saber skull, and there were 25 up for sale at $150 a pop. Those sold out, but the one-of-a-kind number one of one Gold Saber Skull Genesis edition is up for auction right now until July 30.

The top bid is already at $1,100. The auction site says this purchase also comes with two tickets in Bridgestone Arena’s Lexus Lounge to a mutually agreed-upon concert happening before December 31, 2022.

This live auction, plus the other 25 sold, came with a $35 donation in the buyer’s name to the 365 Pediatric Cancer Fund.

Now, like many of you, I also thought that’s a lot of money for essentially a digital trading card. However, that’s nothing compared to some of the other NFT's sold. One that is a digital painting sold for $69 million.

“In many cases with our digital collectibles, we’ll also be tying them to real world physical items that will be delivered to the people who buy the tokens,” explained Anthony Citrano, who founded Acquicent, a company beginning to specialize in NFT.

This is just another way the internet is vastly expanding. Click here if you want to check out the live auction site.