Risky multi-billion dollar NFT market spawns new generation of collectors convinced of their huge potential
It was that same guarantee of authenticity that drove Devan Mitchem, a Singapore-based cloud engineer, to begin collecting digital objects, after at first being skeptical because of the "inconsistent formats, marketplaces and storage options."
"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." For anyone interested in exploring this new market, Mitchem offers this advice: "Read up on the philosophies behind blockchains like Bitcoin." That should make it clear, he added, that "these are global computers not owned by a single entity."Love of art, or money?Those who "flood in the market without doing their research and not even making an effort to understand NFTs," he said, "will be the ones who will most likely be burned.
Mitchem, like many others, insists he is drawn by the artistic value of many young digital creators, even if the public image of the NFT is largely that of a fad, if not an outright fraud.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lil Dicky Publishing Royalties Mark Royalty Exchange's First NFT: 'There Will Be More'The online music royalties marketplace will now let rightsholders sell their royalty streams as NFTs, and CEO Anthony Martini is the first to give it a shot.
Read more »
Floyd Mayweather urges fans to buy NFT, says cryptocurrency the 'new wave'Mayweather will face social media personality Logan Paul in the ring this weekend for an exhibition match.
Read more »
Founder Of The RealReal Julie Wainwright Proves Unicorns Aren’t Just For Young Tech BrosAfter overseeing one of the biggest blowups in internet history, Julie Wainwright was a Silicon Valley pariah. Now, at 64, she's the founder of The RealReal and has learned that failure can bring the freedom to pursue a second act without fear.
Read more »
G-7 nations sign key pact to make tech giants pay fair taxesBritain’s treasury chief said the world’s richest countries have signed a landmark agreement committing them to confronting corporate tax avoidance and making sure giant tech companies pay their fair share
Read more »
G-7 nations sign key pact to make tech giants pay fair taxesLONDON (AP) — The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax rate of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries.
Read more »
Rearview Reflections: A Look Back at the Week’s Big Media/Tech NewsNew VIP+ Analysis: Big media/tech news just keeps on coming — so what were the hottest stories percolating this week? We make our picks!
Read more »