NFTs are the next big thing, and you might have heard about this interesting and complex phenomenon?
It is not only something niche anymore, that few people know about. It has become a worldwide trend that celebrities, companies, and everyday people are partaking in.
But why are they so hyped?
How can celebrities sell small things such as tweets and artwork for millions?
And why are companies investing in them? Let’s have a look.
Unique and Non-Fungible
NFTs are the hottest trend in cryptocurrencies right now, and more people are getting into it after hearing amazing stories about early investors and famous artworks. The abbreviation NFT stands for non-fungible tokens. This essentially means that the tokens in question cannot be copied or replicated. They are unique, almost like a good book signed by the author, or a hand-made sculpture. They can be copied, and people have tried, but they can never be the same.
NFT’s are often linked to other things, either tangible or digital. The latter is more common, and we often see pieces of art with NFT’s selling for millions. Since these tokens cannot be replicated, it has full ownership over the piece it is representing. If you are interested, you can learn about NFTs and buy them here.
While the concept of NFT’s is new and fascinating, we are somewhat used to art being expensive, and selling for impressive prices. Furthermore, we have seen the crypto trend grow, and NFT’s, which is a part of the Ethereum technology, belongs to this community as well. Many people already think they are aware of everything you need to know about cryptocurrencies, but does this include NFTs?
A tweet was recently sold for $2,9 million. This was from twitter’s own CEO, Jack Dorsey, telling the people “Just setting up my Twitter ”. The “Rob Gronkowski Championship Series NTFs Collection ”contains all together five tokenized cards with the player’s moves during championship-winning matches. These limited cards were sold as NTFS for a total of $1.8 million. American rock band Kings of Leon sold NFT’s from their new album bringing in over $2 million. And New York Times reporter Kevin Roose sold only a picture of his column on NFT’s for no less than $560,000. Needless to say, people are crazy for NFTs!
A Company Investment
With these impressive sums of money, it is no surprise that companies want to take part. Kings of Leon and Twitter are already mentioned, but many other companies also partake. The toy-making giant Mattel is mostly known for iconic toys like Barbie, Hot Wheels, and the American girl dolls, but now they have also successfully launched NFTs on some of their most popular toy brands.
Taco Bell is well-known and loved by many, and now you can also help them support a good cause with NFT’s. The fast-food company recently came out with GIFs with NFT and started the bidding at $1 each. In the end, they all sold for thousands, with one selling for as much as &3,646. The money went towards supporting the Live Más Scholarship.