If you’ve been following the crypto industry, you might have noticed just an ever-so-slight buzz around nonfungible tokens, that is unless you’ve been locked down in an NFT-proof bunker for the last year.
Originally developed to be used in collectible trading-card games, NFTs can represent any unique assets whose scarcity and ownership can be proven on a blockchain. The development of the technology has since seen NFTs come to be used for a whole host of in-game assets, digital collectibles, unique artworks and so much more.
But if your surname isn’t Guggenheim, you don’t understand why grown adults get so excited about Doctor Who or Star Trek, and your gaming career consists of briefly downloading Candy Crush to your mobile phone, why should you care?
Well, because some of these digital assets are selling for obscene amounts of money. And if you are reading this, it’s completely reasonable to suggest that you are likely interested in digital assets and the opportunities they present.
All that glitters is not gold
Of course, when obscene amounts of money are on the table (and seemingly for something as simple as minting an old tweet onto the blockchain), then every two-bit chancer and their moms, from Anaheim to Zanzibar, will try to get in on the action.
The ensuing gold-rush has seen the burgeoning NFT market compared to the initial coin offering bubble of 2017. Everyone from Litecoin (LTC) creator Charlie Lee to the BBC has warned of the NFT bubble’s potential to imminently burst. Ironically, Lee, in the process, created an NFT that ultimately sold for 5 Ether (ETH) and arguably has genuine value, given his status in the crypto industry.
Like the ICO boom, there are certainly projects of questionable value out there; although this time around, assessing that value is often a bit more subjective than simply doing due diligence on the umpteenth utility token project this month.
Unlike the ICO boom, NFTs have the potential to reach much further than an…