Email of the day on Non Fungible Tokens (NFTs):
Comment of the Day

March 08 2021

Commentary by Eoin Treacy

Email of the day on Non Fungible Tokens (NFTs):

Are you going to add NFTs to your coverage(half-joking)?

Eoin Treacy's view

Thanks for this article which may be of interest to the Collective. Here is a section:

The Twitter CEO shared a link Friday afternoon to a platform called “Valuables,” where his March 21, 2006 tweet “just setting up my twttr” was up for bidding. The highest offer is from Sina Estavi, CEO of Bridge Oracle, for $2.5 million as of Saturday afternoon, according to the website.

Ownership of these assets is recorded on a blockchain — a digital ledger similar to the networks that underpin bitcoin and other cryptocurrencies. However, unlike most currencies, a person canʼt exchange one NFT for another as they would with dollars or other assets. Each NFT is unique and acts as a collectorʼs item that canʼt be duplicated, making them rare by design.

Crypto collectibles have exploded in popularity lately, with anyone from artists to rock bands minting their content. A digital rendition of the Nyan Cat meme from 2011, for example, sold for nearly $600,000 in an online auction last month.

Some people who are buying NFTs believe it can help them prove ownership of a virtual item thanks to blockchain.

Dorsey has also been an advocate of digital currencies, displaying ”#bitcoin” in his Twitter bio, so jumping into NFTs seems to be a natural extension. His digital payments company Square also purchased approximately 3,318 bitcoins in late February, expanding on its October 2020 buy of 4,709.

A friend of mine was exploring the sector ahead of the pandemic. He morphed into an art consultant by happenstance and began offering consultancy on how to create fractional ownership as a way of raising money for art collectors and museums. Creating a liquid market for illiquid assets is a significant innovation which will thrive as long as M2 is accelerating higher.

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