As a business owner, you must be up to date on the latest trends and tendencies in the market. This gives you a unique insight into what can be changed or implemented in your business, to create capital or even new products.
The world of cryptocurrencies is on a rise, and we see many new and exciting trends here. Cryptos like bitcoin, Ethereum, and Litecoin have been popular for a while, but now we see a new, rising phenomenon, non-fungible tokens. They are often called NFTs and have revolutionized the market of non-fungible items, both online and offline. We see many up-and-coming digital artists that are creating NFT art to sell. The pieces of art are divided into collections that all have specific characteristics. You can learn more about NFT collections here.
What are NFTs?
As mentioned, NFTs are non-fungible tokens, meaning they cannot be replicated. It makes every coin unique, kind of like an ancient, handmade sculpture, or a signed band t-shirt. No matter how hard we try, it can never be replicated completely. NFTs can be connected to items, either digital or tangible. You will often find them connected to digital pieces of art that people can buy.
However, we have also seen them connected to collectables, digital pieces of clothes, or even tweets. These are then sold, for example over auctions. NFTs are often referred to as assets that do not lose their value nor that they can be divided. Therefore, many view this as a great investment opportunity, both individuals and businesses.
A company investment
When a phenomenon like this gets popular, and not the least valuable, it is no surprise that companies want to take part in it. There are already many companies that are positive about cryptocurrencies and the decentralized economy, and that are now finding interest in NFTs. The Mexican fast-food giant Taco Bell created a bunch of digital GIFs of tacos with NFTs connected to them and auctioned them away to eager customers. The 25 GIFs sold in under 30 minutes, and Taco Bell says the entire earning will be donated to the Live Más Scholarship through the Taco Bell Foundation.
Another sale that has sparked a lot of conversation, is from Twitter CEO and co-founder Jack Dorsey. He has sold his first tweet for no less than $2,9 million, 15 years after it was first tweeted. Furthermore, we see the popular toy-making company Mattel creating digital NFT collectables from the famous Hot Wheeles toys while promising to have more NFT content coming from their many other well-known toys.
There is no doubt about it, NFTs are taking their stand, and the tokens are changing the way we view digital assets and it is shaking up the art world. Young and striving artists are becoming millionaires, and large corporations are selling their NFT items quickly, makes you wonder if you should get your hands on some non-fungible tokens yourself?