Non-fungible token (NFT) adoption is quickly following on the heels of crypto-currency adoption, especially among younger generations. Last year was important for crypto with Bitcoin and Ethereum hitting all-time highs, governments beginning to address regulations, and the launch of a Bitcoin ETF. While crypto continues inching towards mainstream acceptance, some early adopters may be shifting their focus to the even newer world of NFTs. Indeed we’re seeing more and more news about NFT marketplaces like OpenSea and NBA Top Shot. No one could have predicted the enthusiasm with which pop culture has embraced NFTs. This spring’s upcoming VeeCon 2022 will feature leaders of the NFT world in their first-ever Web3 superconference. But would you pay up to a million dollars for a pro athlete’s NFT? Or almost three million dollars for Jack Dorsey’s first-tweet-ever NFT?
Why are we taking on this project?
The coaches here at My Financial Coach are always on the lookout for opportunities to educate investors and clients. With the exponential growth of the NFT industry, we decided to take on the subject with an entertaining and exciting new NFT grand project. We’re diving headlong into this new NFT microcosm and expect to come out with a brand new appreciation of all that goes into an NFT! We’ll share our entire experience, from inception to design to minting and launching our NFTs.
We’ve designed some creative and educational digital images that will be minted into fresh new NFTs. We don’t intend to sell our NFTs, but we’ll be awarding them as a “token” of our appreciation to you. Some will demonstrate fun financial tidbits. Others will help you get to know our financial coaches. It’s all about increasing awareness and financial literacy.
But what is an NFT?
An NFT acts like a title, identifying the property and the owner. Data contained within the blockchain technology makes the NFT owner easily identifiable. That data also identifies the property and allows for the transfer of ownership. Right now the NFT market is dominated by digital artwork, with varying degrees of uniqueness and scarcity. The value is assumed according to that uniqueness or rarity, which presumably makes it collectible. So are they good investments? That’s debatable and we’ll tackle that controversial topic later. But for now, let’s have some fun with it.
Join us over the next few weeks as we head out on our blockchain journey. We’ll share the successes and the roadblocks. When we arrive, we’ll all know more about NFTs
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