People Are Going Crazy Over NFTs — Here’s Why
Non-fungible tokens, or NFTs, are the new way for companies to sell unique digital assets on the blockchain.
For example, the NBA is taking video clips of games and selling them to collectors. So, people are paying to have a video clip of a LeBron James dunk.
Then these collectors can resell those clips on the blockchain, hopefully for a profit.
We’re beginning to see all kinds of digital goods, such as music, video clips and items in video games, being put on NFTs.
In today’s Market Insights video, I explain why this changes everything for the entertainment industry.
(If you’d prefer to read a transcript instead, click here.)
Editor, Automatic Fortunes
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.