It’s understandable to be frustrated when a techie friend of yours talks to you about Bitcoin; what the heck is Bitcoin? Even if you had heard of Bitcoin, you probably thought it was all hype and thought a few dollars could buy you in. While Bitcoin prices are volatile, the cost of Bitcoin has exceeded 50,000 times what it started. So what about NFTs?
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Well, you may have heard about NFTs (Non-fungible tokens) a few years ago when a few people started talking about cyberpunks and crypto kitties. Even if you missed it then, NFTs have been the talk of the town over the last year or so. Chances are, you have come across headlines about famous artists setting dollar records such as Beeple, and you may have seen a number of your friends changing their Twitter avatar into their favorite NFT apes. It seems like many artists and investors are getting in on the bandwagon, and you don’t want to miss this great opportunity.
What are NFTs? Non-Fungible Tokens are typically realized as digital art and digital collectibles that are minted on the blockchain. And they are becoming big business fast – in the first half of 2021, Non-fungible tokens have been on a tear at a massive $2.5 billion in sales. All of this is up from only $13.7 million a year earlier.
Is now the time for you to invest or create art that can be made into this new currency? Before jumping right in, make sure you know what you are investing in and understand what kind of scams to look out for.
Fear not – chances are, you aren’t too late to get into the game when it comes to understanding what it takes to create and or invest in Non-fungible tokens. Learn more about what the basics of NFTs are and dive right in – it’s not too late for you. Read more about what to know about the industry in the following visual deep dive below.
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Last Updated on October 1, 2021.