a senior editor following news across tech, culture, policy, and entertainment. He joined The Verge in 2021 after several years covering news at Engadget.games that stretches over 23 years and has sold over 75 million copies. Team17 said the generative NFTs would be “giving fans the chance to own a unique piece of video game memorabilia.” 24 hours later, Team17it “is today announcing an end to the MetaWorms NFT project.
NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using. NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one of a kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.
After 2021 saw an unprecedented boom in projects based on non-fungible tokens , many fan communities are pushing back against companies launching the items that are purported to represent digital collectibles. Web3 companies continue to sprout seemingly by the dozens, mostly funded by venture capital, but traction among everyday end users who haven’t chosen to become traders is scarce.
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