With all the buzz around NFTs, also known as non-fungible tokens, Urban Plains turned to Foster Garvey’s Joshua Bloomgarden to learn more about the digital art phenomenon.
From digital artworks and music files to film clips and even Tweets, an NFT can be anything and these cryptocurrency assets have become widely popular. Recently, a JPG file on the Ethereum-blockchain was reported to have sold for $69 million in March 2021. Part of what makes NFTs so valuable is because they are one-of-a-kind and cannot be traded.
“An NFT is really no different than a baseball card,” Bloomgarden explained. “The unique thing about an NFT is that once they’re in the blockchain, they can’t be changed and for that reason are incredibly useful in proving authenticity.”
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