NFTs are a Novelty Not a Fad

#NFTs #assets #art #fashion #music #sports

"Traditional investors who dismiss NFTs, the new digital asset class taking the art, fashion, music, and sports world by storm are fooling themselves if they believe they are fads"-- Paul Ebeling

NFTs are 1-off digital assets that are verified through blockchain technology, giving buyers certificates of authenticity and ownership. They produce unique, non-interchangeable digital tokens, and can be bought and sold like any other assets but they do not have a physical form.

A growing number of globally established brands are becoming increasingly involved in the NFT market including Sotheby’s and the National Basketball Association (NBA).

Sotheby’s, the traditional auction house, held a 3-day auction of NFTs by an anonymous artist 2 wks ago. Meanwhile, Christie’s last month sold “Everydays — The First 5000 Days,” a digital artwork in JPEG form by an artist known as Beeple, for $69.3-M, which is the 3rd most expensive artwork ever sold by a living artist.

The virtual recognition of NFTs is real.

NFTs may be a novelty now, but it makes sense that with the fast pace of the digitalization of our world, digital assets will become increasingly valuable.

Demographics are on the side of NFTs: Millennials, and Gen Z especially, have digital lives and it is natural to want to take digital representations of luxury brands, music and art into these worlds, now they can.

Have a healthy day, Keep the Faith!