- Tech enthusiasts are turning to NFTs to find risky and exciting opportunities.
- NFTs are proving to be a “truly unique experience” for some collectors.
- Also, NFTs generated over $2.5 billion in sales in 2021.
Technology enthusiasts are turning to NFTs in search of exciting new investment opportunities. Notably, the NFT market had generated over $2.5 billion by the end of May from the start of the year.
Specifically, NFTs or non-fungible tokens are digital artworks that are authenticated using blockchain technology. In addition, these artworks include drawings, animations, music, photos, and videos.
While some techies are opting to use NFTs as investments, others are choosing to buy them for other reasons. For instance, Brandon Kang, a 25-year-old Californian, owns over 500 NFTs including a $50,000 digital piece by electronic musician Feed Me.
Kang displays his NFT collection on digital screens around his house. Also, he expressed his desire to resell a select few pieces from his collection while wishing to retain the majority. Kang also added that the process of authenticating an NFT using blockchain technology is a “truly unique experience.”
Another NFT collector, Singapore-based cloud engineer Devan Mitchem owns over 200 NFTs. Mitchem noted regarding owning and opting to hold NFTs long term,
It’s risky, but I feel works created from 2017 through the lockdowns of 2021 will be remembered as the defining moment of this new category,” he said. “This era will hold a special place in future portfolios.
In fact another tech collector, Pankaj Patil expressed regret over selling part of his 150 NFT collection last year. Patil also observed that the NFT space is not easy to “digest for everyone.”
Also, several top auction houses like Sotheby’s and Christie’s have also jumped onto the NFT bandwagon. In fact, it was a Christie’s auction that first shot NFTs to prominence. In March 2021, digital artist Beeples sold an NFT for over $69 million at a Christie’s auction.
Since then, several blockchains and DEXs have launched NFT marketplaces. For instance, India and South Korea launched their first NFT marketplaces last week.