The collection was released on September 18, sold out in 12 minutes and generated more than $5m in total sales. Meanwhile, Benyamin has just finished working on Non Fungible Heroes, an NFT collection of comic book characters, along with a team of professional designers who worked at Marvel and Disney. “Retail and small-scale investors are better advised to shy away from such assets in absence of a proper understanding of the underlying market." You do not own a physical item and there is no intrinsic value, unlike shares or mutual funds, so they are speculative investments, Mr Mamtani says. “From an investment perspective, the fortunes of this market are closely tied with the underlying boom in cryptocurrency assets and specifically Ethereum," Mr Mamtani says.Īs with other collectibles, an NFT's value depends entirely on what the market will offer, he says. Lindsay Lohan released a single called 'Lullaby' as an NFT in May 2021. NFT sales volume surged more than eight-fold to $10.7 billion in the third quarter of 2021, up 704 per cent over the previous three-month period to the end of June, according to data from market tracker DappRadar. For instance, an NFT of Twitter chief executive Jack Dorsey’s first tweet sold for about $3m. People are spending millions of dollars on NFT collectibles that include sports trading cards, digital houses, augmented reality trainers, music and video games. Mike Winkelmann, the digital artist who goes by the name Beeple, made headlines in March this year when he sold an NFT for $69 million.īut NFTs now transcend art. The NFT market is booming as people with additional liquidity after Covid-19 channel cash into these digital assets. But, unlike currencies, in which every token is of equal value and can be swapped for any other, NFTs have unique qualities that stop them from being interchangeable or fungible. Ownership of these digital assets is recorded on a blockchain, which is a digital ledger. NFTs are digital avatars of artworks and collectibles. Excited by the technology, he decided to create an NFT collection of his own. Lately, NFTs and the smart contracts, or collections of code, that power them have captivated Benyamin. ![]() Why digital clothes are worth big money in the online world
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