NFT talk
Choosing an NFT marketplace
Choosing an NFT marketplace
Choosing an NFT marketplace
First, remember that an NFT (non-fungible token) simply represents ownership of an asset. Before choosing an NFT marketplace, you'll first want to decide the kind of digital asset you're interested in buying, selling, or creating. Just about anything digital -- the written word, videos, video games, art, collectors items, etc. -- can be t
First, remember that an NFT (non-fungible token) simply represents ownership of an asset. Before choosing an NFT marketplace, you'll first want to decide the kind of digital asset you're interested in buying, selling, or creating. Just about anything digital -- the written word, videos, video games, art, collectors items, etc. -- can be tokenized on a blockchain (such as Ethereum (CRYPTO:ETH), the most common blockchain network NFTs are built on), so narrowing down your interest is a good place to start.
Investing in NFTs
Choosing an NFT marketplace
Choosing an NFT marketplace
NFT marketplaces are your path to start investing in digital assets, collectibles, and art, but there are lots of options out there. Be sure to choose one that suits your buying and storage needs based on the type of NFT you're after and the crypto you're interested in using for transactions.
Also be aware that this is a new industry and
NFT marketplaces are your path to start investing in digital assets, collectibles, and art, but there are lots of options out there. Be sure to choose one that suits your buying and storage needs based on the type of NFT you're after and the crypto you're interested in using for transactions.
Also be aware that this is a new industry and is highly speculative. Some NFTs may rocket higher in value, but there's no guarantee. The value of digital art and collectibles works much the same as physical art and collectibles: Value is subjective and determined by factors such as uniqueness and the reputation of the artist who made it. Make a purchase -- if any -- with your overall investment strategy, net worth, and investment time horizon in mind.
NFT Craze
Choosing an NFT marketplace
NFT Craze
If you want in on the NFT craze, an NFT marketplace is your gateway to participating in the purchase and sale of these digital assets -- from art to music to entire virtual worlds. Think of NFT marketplaces as your Amazon of the digital realm.
NFT files and use
Music
Digital art
Digital art is a common use case for NFTs. High-profile auctions of NFTs linked to digital art have received considerable public attention, with the work "Merge" by artist Pak being the most expensive NFT with a price of $91.8 million dollars and Everydays: the First 5000 Days, by artist Mike Winkelmann (known professionally as Beeple), the second most expensive auction at US$69.3 million in 2021.
Games
NFTs can be used to represent in-game assets, such as digital plots of land, which some commentators describe as being controlled "by the user" instead of the game developer by allowing assets to be traded on third-party marketplaces without permission from the game developer. The monetization of NFTs within the game raised a $12.5 million investment, with some kitties selling for over $100,000 each.
Money laundering
NFTs, as with other blockchain securities and traditional art sales, can potentially be utilized for money laundering. Auction platforms for NFT sales may potentially face regulatory pressure for compliance with existing anti-money laundering legislation. Gou Wenjun, the director of the Anti-Money Laundering Monitoring and Analysis Centre for the People's Bank of China, has expressed that NFTs could "easily become money-laundering tools." Gou elaborated that there is an increasing unlawful exploitation of various new cryptographic technologies, and that illicit actors often self-identify as innovators of the financial technology sector.
