NFTs (non-fungible tokens) are the most recent form of cryptocurrency to go mainstream. And after Christie's auction house sold the first NFT by digital artist ‘Beeple’ for an astounding sum of $69.3 million — NFTs have snatched the attention of the world. To explain, NFTs change mainly digital artworks into verifiable assets that are linked to the blockchain (a record of who owns what) and are easy to trade. Some of the most popular websites for purchasing NFTs include OpenSea, Mintable, Nifty Gateway and Rarible.
One of the new popular NFT collections is the Bored Ape Yacht Club in which celebrities such as NBA superstar Stephen Curry have taken interest in, with Curry buying his own Bored Ape NFT for $180,000. The Bored Ape Yacht Club has increased in popularity greatly, with many benefits coming with owning one of these NFTs, attracting celebrities such as Curry, such as being eligible to enter yacht parties with celebrities like famous rapper, Post Malone; who has also bought a Bored Ape. The Bored Ape NFTs, which can be bought on OpenSea, have skyrocketed in value with prices being extremely high and thus hard to obtain. An NFT on the cheaper side of this collection goes for around $120,000. However, one of these ‘Bored Apes’ has been sold for $3.4 million as a result of its stunning rarity with the NFT having gold fur.
Although some NFTs may be out of the reach of regular people, it is a new, on the rise way of investment with many riding the wave and hoping to make a gain with this unusual form of cryptocurrency.