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Last month, Jack Dorsey auctioned off his first-ever tweet as an NFT, or non-fungible token. It fetched more than $2.9 million.
The transaction was a sign of the times: NFTs--unique digital assets that exist on the blockchain--have become big business, at least for the moment. The original function of NFTs was to verify digital art, because they can function as certificates of authenticity. Now luxury fashion labels, real estate companies, pro sports leagues, and even legacy art auction houses such as Christie's, Sotheby's, and Phillips are selling NFTs. Tom Brady recently announced that he is launching an NFT company that will feature collaborations with famous athletes, entertainers, and artists.
It's enough to make any business owner wonder whether this is a trend worth exploring. Some finance experts recommend caution, noting that the price of NFTs has plunged by more than 70 percent since its high point in February. Skeptics say the NFT bubble may soon burst as the market is flooded with more creations and the novelty of crypto collectibles begins to fade. Yet enthusiasts like billionaire Mark Cuban say NFTs could provide important new revenue streams for small businesses and creators--and now is the time to jump in.
Read our story to learn about the risks and potential rewards you’ll discover by doing so, including some practical purposes for NFTs beyond investing or selling. |
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