SAN ANGELO, Texas — Non-fungible tokens or NFT’s as they’re known is gaining steam which makes sense in our increasingly online world, that things like art, trading cards and collectables are trying to find their own space on the internet. An NFT expert says in part the popularity can be credited simply to history’s pastime of collecting, but a local financial consultant says if you’re thinking of dabbling, do your homework.
“Imagine that you’re walking into a museum, and you see a beautiful piece of art up on the wall, the reason that the painting on the wall is worth what it is, is because it’s the original, and you can prove that it’s the original,” Adam Hollander an NFT expert said.
Up until recently it was very hard to decipher what was original and what wasn’t in digital form. You could copy an image and it would be yours. Adam Hollander says NFT’s change all of that.
An NFT is tracked in a ledger on what Adam Hollander calls the blockchain.
“That now creates opportunities for a variety of markets,” Hollander said. “So, imagine you’re an artist and you create a one of one magnificent piece of digital art. Well, you can mint that as an NFT and the person that buys it knows that they are the original owner.”
While ownership is handled, getting involved with NFT’s is more of a gamble rather than investment.
“You shouldn’t put any money into NFT’s that you are willing to lose and extremely comfortable losing,” Hollander explains
This is something Financial Consultant Bill Peacock agrees with, his firm is actually staying away from NFT’s because of just how much of a risk they can be.
“Cryptocurrency is very speculative and it’s still very new to a lot of people. A lot of people don’t understand exactly how it works and our firm that we work for has always taken a very conservative approach to new ideas, new investments that come out and so cryptocurrency would definitely fall under that category,” Bill Peacock a Financial Consultant with The Peacock Group Inc. said.
But with all of this risk how does this metaverse keep growing?
“They believe that they will go up in value and there’s an opportunity for profit,” Hollander explains. “There’s others that are buying them because they really liked the art or they really liked the community as we continue down this path where people start to care just as much if not more about how they represent themselves in a digital landscape. NFT’s are going to play a very important role.”
Peacock believes the growth for NFT’s is ongoing.
“ These are starting to spread and I think it will continue to do that,” Peacock said.
Hollander and Peacock both agree that if you’re looking to start investing, especially in NFT’s or cryptocurrency, do your homework.
If or when you are a part of the NFT community, aside from possible big pay days, Hollander says community is the best part.
“I have never in my career experienced a community as positive and vibrant as what we would call NFT Twitter,” Hollander said.
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