![]() ![]() ![]() To that end, we need some principles for investing in NFTs. Translation: The NFT market has all the makings of a bubble. Money feels divorced from real value, so people are running up the price buying all kinds of ridiculous things. Two things are driving the growth of NFTs:ġ) People are trying to “flip” NFTs: buying low and selling high, hopefully in a short period of time (just as people tried to flip Beanie Babies).Ģ) Money doesn’t feel real: The flood of new money into the economy, combined with the flood of crypto tokens, makes it all feel like “Monopoly money.” The original meme puts the “cat” in “catchy.” I repeat: it sold for half a million dollars. Meme creators don’t usually get paid for the joy they bring to the world, but Chris Torres, the digital artist who animated Nyan Cat, put up the one-of-a-kind “original” for auction as an NFT, digitally signed on the blockchain (just as you would sign over proof of ownership on an expensive piece of art). It has all the makings of a meme: it’s catchy, it’s weird, and it involves cats. The original YouTube video, with 185 million+ views, was a mashup of a Japanese pop song and a flying pastry kitten leaving a trail of rainbows and sparkles. This animated GIF is Nyan Cat, one of the first Internet memes. If you’re new to this world of digital collectibles, also known as non-fungible tokens (NFTs), this will require some explaining. It sold to a collector for over half a million dollars. The illustration above is an animated flying cat with a Pop-Tart body. The best long-term investment is likely buying and holding tokens in NFT platforms - don’t buy a collectible, buy the collectible company. But NFTs as a technology have a ton of potential value, especially if they are linked to things that really do have value (like earning future royalties on a pop song NFT, for example). Most NFTs today have very little underlying value. Quick Summary: As blockchain investors, we look for underlying value. ![]()
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