Want another stunner? More people searched for them than Bitcoin. The market for NFTs surged to $41 billion last year – putting it in arm’s reach of the “respected” market for fine art, which came in at an even $50 billion in 2020, studies by Chainalysis and the Art Basel & UBS Global Art Market Report found. And they’re definitely worth a closer look. In fact, transcending expensive cartoons, NFTs represent “the number one growing trend,” according to our friend and LikeFolio co-founder Andy Swan. NFTs are a powerful trend – and an emerging opportunity. Today, we’re going to counter these naysayers. (Indeed, the “explain-the-news” website Vox.com recently wrote that between meme stocks, cryptocurrencies, and NFTs, “ money has never felt more fake.”) One NFT is not interchangeable with another, unlike how one Bitcoin can be swapped for another.īut thanks to widespread stories about big bucks being spent on apathetic, digital cartoon apes (“Bored Apes”) – and similar headline-grabbers – the gloom-and-doomers have come out in full force. They differ from cryptocurrencies in that they have their own unique value. They represent a unique item such as an artistic image, an MP3, or a video. Think NFTs are a fad? NFTs, or non-fungible tokens, are similar to cryptocurrency, existing as records, or “smart contracts,” on the blockchain.
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