Is it worth investing in non-fungible tokens?
Appealing to the risk-taker investor, NFTs offer a unique, high-stakes opportunity to make some huge profits—but be warned, this only happens rarely. Though not as flashy, and without the same cultural cache, if you’re looking for a more reliable way to invest your money, consider investing in an index fund rather than a Pop-Tart cat GIF.
However, if you want to take your chances and enter the world of non-fungible tokens, you’ll first have to open a digital wallet. This is where you’ll store your cryptocurrencies and your NFTs. You’ll then need to look for NFTs on the likes of OpenSea.io or Rarible, find one you like, then buy the right cryptocurrency for that particular NFT then make your purchase.
Then it’s a waiting game. As the value of your NFT is dependent upon how much someone else is willing to pay for it, you and your Pop-Tart cat are at the mercy of the market.
Other strange facts about NFTs
Want to learn a little more about NFTs? With the total value of NTF sales in the first quarter of 2021 amounting to $2 billion, there’s certainly more to unpack here!
What’s the most expensive NFT ever sold?
The most expensive NFT ever sold was the artist Beeple’s Everydays: the First 5000 Days. It was sold to Vignesh Sundaresan for $69.3 million at auction in Christie’s auction house. This was ten times more than any NFT had been sold for at the time. This staggering price tag places it in the top hundred most expensive artworks ever.
What’s the weirdest NFT ever sold?
Choosing which NFT takes the prize for the weirdest ever sold is too difficult to decide. From William Shatner selling a set of Shatner-themed trading cards, one of which was an X-ray of his teeth, to Grimes’ digital WarNymph baby-themed artworks, there’s no shortage of weird stuff available in the NFT market. Deciding on a winner would be nearly impossible, but we’ve gathered a few contenders below.
What are other notable NFTs?
Here’s a selection of some of the strangest and most notable NFTs out there:
Lindsay Lohan’s electronic single Lullabye which accompanied a GIF of her upper torso adorned in butterflies that flap their wings to the beat
A digital image of Shawn Mendes’ gold embellished vest that he wore while on tour
A video clip of one of Banksy’s artwork being burned—the original artwork was sold for $95k, the NFT of the artwork being burned was sold for $380k
The viral internet YouTube video ‘Charlie Bit My Finger’ was removed from YouTube and then sold as an NFT for $693k
The co-founder of Twitter, Jack Dorsey, sold his first tweet which read ‘just setting up my twttr’ for nearly $3m