The Crypto Conversation Why the NFT frothiness is good for crypto
NFTs (Non-Fungible Tokens) is one of the most exciting narratives in crypto in 2021. The collectible digital art world has exploded with some pieces selling for millions of dollars. The market is frothy and might be in bubble territory but over the next decade, NFTs have the potential to bring millions of people into crypto and help build out the metaverse.
Guest:Aditya Das
Why you should listen:Aditya Das is a blockchain analyst and researcher at Brave New Coin. He joins Andy to discuss NFTs. Non-fungible tokens (NFTs) are unique, digital assets that can be owned, bought, sold, and traded on a blockchain. A non-fungible token is a type of cryptographic token that represents something unique. People often refer to them as "Provably rare digital assets."
If we are going to build a Ready Player One metaverse, it is important that it is built on a neutral platform where individuals can own their own items and not be at risk of censorship. If one central company gains control of the metaverse, it will become more powerful than any government and be a god on Earth.
Key takeaway:Right now, NFTs mostly exist in the world of art, music, and gaming. But It's about to get a whole lot crazier, with NFTs poised to explode across the digital economy.
The NFT art scene has boomed in the last few months. Marketplaces like SuperRare, Rarible, and Nifty Gateway are seeing record volumes.
In January, a piece of artwork by Mike Winkelmann, a digital artist also known as Beeple, sold for $6.6 million at Nifty Gateway.
A digital art piece by Beeple called The First 5000 Days is being auctioned by Christie's. The current bid is USD 3,750,000, and the auction closes in 4 days.
People are finding new ways to tokenize anything digital. You can now buy tweets as NFTs and Jack Dorsey's original tweet is valued at USD 2.5 million.
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