MORGANTOWN, W.Va. West Virginia University announces that as of Monday, it is now part of NFTU, an online marketplace for buying, trading, and selling NFTs.
In a Tweet on March 12, WVU posted the following Tweet:
Big news … We’re joining NFTU – the largest collegiate marketplace for buying, selling, and trading NFTs! Start buying your own NFTs at http://nftu.com on Monday (3/14) and see what WVU items you collect! 🥳
@WestVirginiaU on Twitter
But what exactly are NFTs? In a video accompanying the Tweet, WVU play-by-play announcer Tony Caridi explained, it stands for ‘non-fungible token’. He also spoke with Nikki Goodenow, Director of Brand and Trademark Licensing for WVU who said, “In simplest terms, an NFT is a digital trading card.”
According to Forbes, NFTs are digital assets that represent real-world objects that are bought and sold online, such as art, music, in-game items and videos. Forbes explained that the draw of buying NFTs is so the buyer can own the original item, rather than a screenshot or copied version of an online asset. NFTs are authenticated which serves as proof of ownership, and Forbes said that collectors value those “digital bragging rights” almost more than the item itself.
The newly released WVU NFTs are bought in packs on NFTU.com. Many colleges across the country offer NFTs, and WVU will be getting more involved in the market as time goes on, said Caridi in the Twitter video.
“Just like going into the store and buying an old school pack of football or baseball cards, you’re going to go online and open a pack and there will be a surprise in there as to which athletes that you have purchased.”
NFTs are purchased using ApplePay, cryptocurrency or credit card. The online store can be accessed here.