I bought a $9 pack of digital video moments from a site called NBA Top Shot. They’re like trading cards, but with serial numbers. As a sports card collector, I thought it was silly until I saw a demand. Since buying that $9 pack, selling every moment I’ve received, and buying a few other $9 packs, I’m up to $1600 in profit after selling a LeBron James moment for $1000. People laugh about the idea of NFTs, but there is money in them, right now.
NFTs (or “non-fungible tokens”) are a crypto asset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollars, which are all worth exactly the same amount. Since every NFT is unique, it can be used to authenticate ownership of digital assets like artworks, virtual sports cards, recordings, and virtual real estate or pets.
As with any business, expect a huge wave of money in and the early birds will catch the worm. Whether it’s a video rental store or online bookstores, we always see that who comes first do well and the crowd that comes later does not.
NFTs will be a lot like the dot.bomb era, a bubble that will likely burst, and a few providers that will make good coin.