69 Million Reasons to Explore NFTs
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The artwork above, titled "Everydays: The First Five Thousand Days," just sold for $69.4 million. The artist’s name is Mike Winkelmann, and he goes by the name “Beeple.” This art sale made history by becoming the 3rd largest sale by a living artist. However, this piece of art is completely digital…and it’s called a Non-Fungible Token, or NFT. If you already know about NFTs, you’re way ahead of the curve. If you don’t, we’ll break down this phenomenon,
NFTs are all the rage, but what are they?
Non-fungible tokens, or NFTs, are cryptographic assets on blockchain with unique identification codes distinguishing them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
Still confused? It’s totally normal. About the digital art which Beeple just sold for $69 million, Christie’s Auction (who hosted the sale) said
“it also marks the first time a major auction house has offered a digital-only artwork with a non-fungible token as a guarantee of its authenticity, as well as the first time cryptocurrency (Ether) has been used to pay for an artwork at auction.”
So yeah, a lot of firsts. Read more about the record auction and artist here:
With NFTs, digital artwork is only the beginning: Kings of Leon became the first band to release an album as an NFT, Super Bowl winning quarterback Patrick Mahomes is releasing his own digital art auction, Jack Dorsey (CEO of Twitter) is auctioning off his first-ever tweet as an NFT, and we haven’t even gotten to the NBA Top Shot phenomenon.
It’s gone as far as one twitter user even calling our tweet valuable. Thank you, but highly doubtful.
Michael Rippe 🔗 @MichaelRippe@bullishgentlemn Currently. Chainlink is LeBron James age 18. Bitcoin is Michael Jordan age 37.
Proponents of NFTs say this will become an entirely new way to verify and authenticate digital sales, and even digitally authenticate personal IDs such as passports and drivers licenses. Opponents say this NFT craze is short-lived and warn it could be a bubble. Regardless, NFTs are worth exploring, but educate yourself and understand the risks in this new space.
Ready to explore and learn more? OpenSea is the largest NFT marketplace. Think eBay for the blockchain. Click here to see how you can buy, sell, and discover rare digital items.
Back to Basics - Overall Portfolio Top 7
investrly All-Star Team
The investrly All-Star team is our overall top 7 portfolio mix of stocks and cryptocurrency. With stimulus checks hitting accounts this week, we think a significant amount of this money will be invested. From an investing perspective, a financial market melt-up is not out of the question. We’ve included additional links of our top picks: Chainlink and Crowdstrike.
Stock Market Today: Buy CrowdStrike in Cybersecurity - The Street
3 Top Cybersecurity Stocks to Buy in March - Motley Fool
Crypto-Focused Articles We Enjoyed
Decentralized finance may be future, education still lacking - Cointelegraph
Music NFTs Have Gone Mainstream. Who’s In? - Rolling Stone
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