What’s an NFT? And why do you call them MEGs?

Basically, it’s a one of a kind digital collectible.

Music is a digital piece of art that can be an NFT allowing a new way for fans to own a special item of their favorite artist. Think of it like a rare autographed vinyl, but online.

NFT stands for “Non-Fungible Token.” An unnecessarily complex term. “Fungible” means “able to be exchanged” or copied. So ”non-fungible” stuff means it’s unable to be exchanged nor copied and is protected from things like forgery.

Think of the Mona Lisa. You can copy little Miss All-smiles all day but only the authentic one has its own unique value attached to it. It cannot be replicated even with a million copies of her no matter how exact. And, more importantly, is she valuable to you?

EQ Exchange will create an NFT, which we call MEGs, a Mutual Exchange of Gifts. We attach this MEG to a piece of art so that way, there is only one… and now the artist too can be all smiles in this digital age of Web 3.

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