This Magical, Mysterious World of NFT's


"Everydays - the first 5000 days, created by Mike Winkelmann (known as Beeple) sold at Chistie's auction for 69.3 million dollars (see link. The image below (bored monkey) is expected to fetch 18 millions dollars. And they are both NFT's (Non-fungible tokens). If you are unsure what a NFT is - you are not alone. They are complicated to understand and even more perplexing to comprehend what people will spend for them. They exist as a digital image and are verified though the Blockchain to ensure the encryption is valid. Once this is verified, you own the image, much like owning a piece of art, and can only hope it will go up in value. And (this is a big and) as you sell the art - the artist benefits from each sale- typically 10% of the sale. Oh, and did I mention NFT's are strictly done by crypto-currency? If you are still scratching your head, you are not alone. I look at NFT's like watching body surfers at the beach. There are lots of people trying to catch that wave - some do and others wind up eating sand. For Mike Winkelmann - he's riding into the sunset on a golden surfboard. How powerful are NFT's? When Gary Vaynerchuk released his book and offered a NFT with every dozen books purchased he sold a million books in 24 hours. Let me say that one more time - A MILLION BOOKS IN 24 HOURS! That's how powerful NFT's are (see link below in comments for more on this). I always feel like I miss those big waves - I should have purchase lots of Google stock at $500, invested in Amazon when they first launched, bought Bitcoin at $8000, etc. But like NFT's, we are typically skeptical of these new ventures and probably with good reason as for everyone that soars there are dozens that plummet. Bitcoin, NFT's, OpenSea, Coinbase - these are a few of the many sites that are emerging in the world of crypto-currency and NFT's. It's a pretty sure bet this new world is not going away, in fact, it will only continue to grow - the question is which wave is the one that is going to bring us success....



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