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Understanding NFTs: A Bored Ape Explainer

What gives nonfungible tokens their value and how do they work in practice?

Nonfungible tokens aren’t just pictures of monkeys.

Nonfungible tokens aren’t just pictures of monkeys.

Photographer: Bing Guan/Bloomberg
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At the height of NFT mania, everyone from athletes like Tom Brady to celebs like Justin Beiber seemed to be buying (or talking about) collections like Bored Ape Yacht Club. Nonfungible tokens aren’t just pictures of monkeys, though — they exist on the blockchain, and buying or selling them typically requires paying in some kind of cryptocurrency, often Ether. While the link between NFT prices and the those of tokens such as Ether or Solana is not always straightforward, it’s true that nonfungible tokens haven’t been entirely spared from the chill of the crypto winter. For more on NFTs, and how and whether they’re holding up these days, Bloomberg reporter Prarthana Prakash joins this episode.

Omny Studio: The NFT Hype - Bloomberg Crypto