For example, YouTube star Logan Paul sold $5 million worth of his own NFT-a cartoon image of himself styled as a Pokémon trainer-last weekend. The ability to set up a recurring revenue stream appeals to any famous person looking to extend their fame’s earning potential. NFTs can be coded to allow the original creator to collect money each time the token trades hands, usually for between 2.5% to 10% of the sale price. Artists in particular have historically struggled to reap rewards if their work appreciates in value. The internet makes it easy to duplicate and forge something, and without an indisputable ownership record such as an NFT, the good is essentially worthless.įor a seller, NFTs make it not only possible to sell something today, but also to keep earning tomorrow. Today more than 260 of the characters trade hands each week, producing over $2 million in annual sales.įor a buyer, they provide a secure certificate of ownership over a digital object, protecting the good’s value. “But we were as surprised as anyone.”ĬryptoKitties launched in 2017, sparking a ravenous collecting craze for the NFTs. “I wish I could tell you that we knew how it was all going to turn out,” admits Mack Flavelle, one of the cocreators of CryptoKitties. The most valuable CryptoKitties now sell for more than $100,000, CryptoPunks for over $1 million. They were originally given away for free. Two popular early NFTs were CryptoPunks, digital images of 10,000 human and animal characters in cutesy, 8-bit-style animation, and CryptoKitties, a collection of fancifully drawn felines. A small minority of NFTs are digital records of ownership of an actual, physical object.Īround 2017. Some are virtual goods existing only within the marketplace selling them, and some come packaged in familiar formats like a JPEG or a PDF. At the moment they’re mostly works of digital art or trading cards. When purchasing an NFT, you acquire both the unerasable ownership record of an asset and access to the actual asset. JOHN LAMPARSKI/GETTY IMAGES, STEFANIE KEENAN/GETTY IMAGES The Winklevoss twins own a competitor, Nifty Gateway. Peter Thiel’s Founder’s Fund is an investor in OpenSea, the largest NFT marketplace.
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