No matter what news or social media you consume, I am certain that you have heard people talking about Non-Fungible Tokens. A non-fungible token (or NFT for short) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item. Therefore, they are not interchangeable, hence non-fungible. In this episode, I will be explaining why NFTs are being talked about currently, what to be aware of when you hear this term, and who uses NFTs.
Listen in as I describe the difference between an artist owning the copyright of his/her work and a buyer of an NFT. You will learn the benefit of creating an NFT, as well as the benefit of buying one, and why you may want to start collecting NFTs. If you have been hearing about this explosive trend but don’t quite understand what all the chatter is about, this is the episode for you.
“Let’s get back to basics. What are your goals? What is your risk tolerance and time horizon? Do these speculative investments fit into your strategy? If so, proceed with caution, and if you are like the majority of the population, watch with amusement and disbelief as others wade in.“ – Tracey Bissett
This Week on Young Money:
- What NFT stands for and what it is used for.
- Whether other blockchains can implement their own versions of NFTs.
- Who can go online and look at NFTs.
- Whether anyone can stop people from copying digital art.
- The benefit of creating an NFT.
- Who can use NFTs.
- What an NFT is.
- The downside of NFTs.
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