Background on NFTs
With the market for nonfungible tokens (NFTs) exploding, NFTs attached to art, music, video clips, tweets and other digital collectibles have sold for significant sums: An NFT of an animated flying Pop-Tart cat sold for $600,000, and an NFT from the artist Beeple was auctioned for $69 million. Demand for such tokens does not appear to be slowing, and the Internal Revenue Service (IRS) and state tax authorities undoubtedly have (or will) take notice.
An NFT is a digital certificate of certain rights associated with an asset. NFTs are usually associated with digital assets, but NFTs representing rights to physical assets or experiences have also been minted. For example, the band Kings of Leon minted an NFT giving the holder the right to front-row concert tickets, and tennis professional Oleksandra Oliynykova auctioned an NFT for the right to determine what tattoo to put on her arm.
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Eight outlandish items jumping on the NFT bandwagon
From a picture of a twig to a golden Pringles can, we ve rounded up eight NFTs that are trying take advantage of the hype around the blockchain technology.
Non-fungible tokens (NFTs), which can be used to sell digital assets such as jpegs and mp4s, have exploded in popularity following a number of high-profile, multi-million dollar sales.
That s because attaching one of these tokens to a file effectively acts as a blockchain-based certificate of ownership, allowing it to be authenticated, bought and collected.
However, with large sums of money seemingly up for grabs, NFT marketplaces such as OpenSea, Rarible and Nifty Gateway have increasingly been flooded with projects that are hoping to cash in on the boom.
In a new series for Stuff, high-profile businessman Eric Watson shares his thoughts on themes and events in the world of business.
OPINION: In London, the sun is shining, my friend’s top-end restaurant is open again, albeit outside only. The tables are bustling with diners, many of them casually dressed business types willing to spend the cash they’ve hoarded over the lockdown. Profits are up, there are lower overall costs and higher prices due to the boom in demand. The talk at the tables is about money . new money . crypto. One of the diners just paid their £90-odd (NZ$173) lunch bill with a fraction of ethereum via their digital wallet.
From curiosity to viable investment: We re all cryptocurrency people now
26 Apr, 2021 10:15 PM
8 minutes to read
Bitcoin Frankie, a cryptocurrency influencer, on a laptop in Austin, Texas. Photo / Ilana Panich-Linsman, The New York Times
Bitcoin Frankie, a cryptocurrency influencer, on a laptop in Austin, Texas. Photo / Ilana Panich-Linsman, The New York Times
New York Times On Monday evening (US time), a few days after a large cryptocurrency exchange listed its shares on the stock market, several hundred women gathered in a virtual conference room to talk about Bitcoin. Claire Wasserman, a co-founder of Ladies Get Paid, the company that co-hosted the event, marvelled at the turnout, noting it showed how committed you all are to getting wealthy. She described a sweeping change in the way we live, work and transact all driven by crypto. I don t want you to miss out on the future, she said.