The Hot NFT Market
Non-Fungible Tokens, known as NFTs, recently made headlines with
sales of individual tokens valued at millions of dollars,
comparable to sales of fine art. Christie s– a conventional auction house – sold its first NFT,
the piece Everydays: The First 5,000 Days by the artist
Beeple – for a staggering $69 million.
1 Most NFTs sell from
merchants without such established reputations. Traders should
understand the value of intellectual property, or lack thereof,
tied to NFTs.
How NFTs Work – a Brief Overview
NFTs are digital certificates, or tokens stored on
decentralized ledgers popularly referred to as the blockchain. NFTs
use software code, referred to as smart contracts, to