$ 10 TO $ 20 MILLION
Digital Gold Rush $
946 MILLION worth of NFTs were traded during January 2023 .
Business Of : NFTs
B ored Apes , Pudgy Penguins and Crypto Punks . Are they the hottest new toddler toys ? Nope .
They ’ re all collections of NFTs — unique and verifiable digital assets stored on a digital ledger . Still unclear on the concept ? Local NFT expert and Pike Road resident Caleb
Hawk demystifies these interesting collectible investments .
Around
$ 10 TO $ 20 MILLION
in NFTs are traded on the blockchain network each week . Source : Demand Sage
WHAT ARE NFTS ?
NFTs are digital collectibles that can be bought , sold and traded using cryptocurrency . NFT stands for “ Non-Fungible Token ,” meaning these digital assets are completely unique and cannot be replicated or exchanged for something of equal value . The authenticity and value of each NFT is documented on a digital ledger known as the blockchain .
NFTs typically come in the forms of digital art pieces , trading cards and other collectibles . For example , baseball fans can purchase digital trading card NFTs that show video highlights from real games . Art collectors can buy digital illustration NFTs . Since each NFT can be authenticated through the blockchain , artists and collectors can easily prove ownership and track its value .
WHAT MAKES NFTS DIFFERENT FROM OTHER DIGITAL ASSETS ?
The biggest feature distinguishing NFTs from other digital assets like photos and music clips is that they cannot be replicated . And even if they are replicated , the copies don ’ t hold value . The person who officially purchased the NFT is the only one who truly owns it and can prove its authenticity via the blockchain .
BLOCKCHAIN : A shared ledger that can be used to record any transaction and track the movement of any tangible , intangible or digital asset .
Digital Gold Rush $
As NFTs , a category of digital assets , continue to rise in popularity , understanding what they are and how they work is crucial for business professionals looking to stay ahead of the curve . By Savanna Pruitt
CRYPTOCURRENCY : A digital or virtual currency that uses encryption to secure transactions and isn ’ t regulated by banks .
946 MILLION worth of NFTs were traded during January 2023 .
Source : Demand Sage
54 CentrAL Inc !