NFTs šŸŽØ

NFTs

If youā€™ve been on the internet for the past few days, you may have heard of NFTs. NFT stands for ā€œNon-fungibleā€ token, meaning something that is unique and canā€™t be replaced with something else. For example, a Bitcoin would be classified as fungible because you can trade one Bitcoin for another Bitcoin, and youā€™d end up with the same thing. On the other hand, something non-fungible would be like a one-of-a-kind trading card.

So how do NFTs work? Well, NFTs are part of the Ethereum blockchain. That may sound familiar because Ethereum is a cryptocurrency, but its blockchain also supports NFTs. According to ARTnews, this allows NFTs to consist of an encrypted image or video file, accompanied by a digital signature that cannot be duplicated, giving buyers the assurance that their purchase is an authentic copy. Anything digital could be sold as an NFT, from digital art to music, one guy even sold an x-ray of his teeth. It seems to sell NFTs successfully though, having a platform beforehand or being a celebrity helps because it adds more intrinsic value to your NFTs. But if youā€™re not a celeb you can still make a buck by working NFTs like any other speculative asset, where you buy it in hopes that the value of it goes up someday, so you can sell it for a profit.

Depending on what type of NFT you want, you can go to different websites. If you are looking to own NBA highlights checkout NBA Top Shot. If you are looking for art checkout Nifty Gateway. Will you be buying any NFTs soon?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:

More Posts

Load More
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Facebook Twitter Youtube Instagram Snapchat Tiktok
learn
products
plan
Who we are
blog

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr VisaĀ® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community.The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results.Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such.Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.