NFTs: what are they and how do you use them?
The market for non-fungible tokens (NFTs) has surged to $2.5 billion so far this year, up from $13.7 million this time last year. NFTs broke their sales record on May 3rd, with $102 million single-day sales.
Non-fungible tokens’ profile has risen rapidly and dramatically over the last six months primarily due to PR and media coverage of their use in connection with the transactions of different types of digital content, and usually for great amounts.
So is it all just another hyped up gimmick – well some people don’t seem to think so.
Earlier this year it was reported that Rapper Azealia Banks recently sold an audio sex tape for $17,000 via NFTs.
In the same report we are led to believe that the first tweet by Jack Dorsey, he of Twitter infamy, is up for auction as an NFT and may fetch as much as $2.5m.
Elsewhere Michael Joseph Winkelmann or, as he is more widely known in the art world, Beeple recently sold a digital-only artwork through Christie’s auctions for $69m.
The ‘piece’ is a collage of Winkelmann’s work entitled “Everydays: The First 5000 Days”. The winning bidder only gets a “token” that proves they own the “original” work.
Forgive me fellow investors, but now all of a sudden I am feeling very old and that the world really has gone mad!