{"id":7160,"date":"2021-03-31T12:48:08","date_gmt":"2021-03-31T16:48:08","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=7160"},"modified":"2021-03-31T15:16:21","modified_gmt":"2021-03-31T19:16:21","slug":"this-is-how-to-make-and-lose-a-fortune-with-nfts","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/03\/31\/this-is-how-to-make-and-lose-a-fortune-with-nfts","title":{"rendered":"This is how to make \u2014 and lose \u2014 a fortune with NFTs"},"content":{"rendered":"

The rise of nonfungible tokens, or NFTs, has been nothing short of astounding this year. Google searches for \u201cNFT\u201d are up over 600% since mid-February, hitting initial coin offering mania levels, and the top NFT platforms are <\/b>turning over<\/b><\/a> millions of dollars each day.<\/b><\/p>\n

In a single 24-hour period earlier in March, sport collectibles platform NBA Top Shot saw sales of more than $7.89 million, art house OpenSea took in $4.88 million, and \u201cdigital antique\u201d NFT project CryptoPunks netted $3.28 million.<\/span>
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\n<\/span>The mainstream media is showing more interest in NFTs than it has in crypto for years, with publications from the BBC to The New York Times running explainers and the odd hit piece. Prices certainly look frothy, with Beeple\u2019s \u201cEverydays\u201d selling at Christie\u2019s for almost $70 million, Jack Dorsey auctioning the first-ever tweet for $2.9 million, and an Alien Crypto Punk <\/span>changing hands<\/span><\/a> for $7.57 million. Established artists including Banksy and Damien Hirst have jumped onto the trend, along with musical acts Kings of Leon, 3Lau and Aphex Twin.<\/span><\/p>\n


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\n<\/span>\"\"<\/span>(Alien Crypto Punk, Larva Labs)<\/span>
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\n<\/span>At various points, the crypto community thought that either fast, cheap payments; decentralized finance, or DeFi; or the attraction of \u201chard money\u201d might bring in the masses \u2014 it turns out the great unwashed are more interested in owning a JPG.<\/span>
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\n<\/span>Colin Goltra, who co-founded the NFT-based Narra Art Gallery in Decentraland, says this is a very good thing, as NFTs are bringing new demographics into crypto, outside of the usual finance and tech types.<\/span><\/p>\n

\u201cSuddenly we\u2019ve got this fresh blood of people exploring the space with new eyes,\u201d says Goltra, who also heads up Binance Philippines, adding: \u201cIt\u2019s refreshing to interact with new community members \u2014 you\u2019re really inspired by the art, you have a lot of fun, and it\u2019s kind of like a game to collect.\u201d<\/span><\/p>\n

\u201cMake sure you\u2019re getting some combination of that stuff out of it too because if you\u2019re just treating this as financial speculation, honestly, there\u2019s probably other games in town for that.\u201d<\/span><\/p><\/blockquote>\n

So, how do you get involved? Magazine spoke to some of the leading experts in the field to find out.<\/span><\/p>\n

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A unique opportunity to acquire by way of nifty NFT, this jpeg of me blowing a kiss. \u00a340 million seems reasonable, but I'll take \u00a330 million to expedite a quick sale. The jpeg is infinitely reproducible, but the proof of purchase, being non-fungible, will be yours & yours alone! pic.twitter.com\/oM2LJSWa3X<\/a><\/p>\n

— Stephen Fry (@stephenfry) March 12, 2021<\/a><\/p><\/blockquote>\n