Non-Fungible Tokens Picking Up Speed with more joining in

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A report was published recently that someone paid millions for the first Tweet. This has been possible with the emergence of NFT or non-fungible tokens which allows users to sell digital assets such as videos, pictures and even tweets.

NFTs gaining traction and popularity

Typically, non-fungible tokens involve digital assets which are commonly owned by the owners themselves. Since they are the rightful authors of such digital assets, they could claim some form of value to them. With NFTs, they are able to sell them in return for digital currencies. This is very much the same as how physical assets are traded with the only difference that they use Ethereum to trade and the assets are purely digital.

More jumping onto the bandwagon

Gary Vaynerchuk, one of the prominent figures in the digital markets recently showed off some of his drawings on Twitter. This would be his first NFT collection named ‘VeeFriends’. It includes some 10,000 character tokens that can be purchased using ETH. More fondly known as Gary Vee, he has been trading baseball cards since his teen years.

Gary Vee is one of the earlier people who invested in Facebook, Uber and Coinbase, he will be using the ‘VeeCon’, an annual business event where those who hold the tokens will be able to access for the next 3 years. The tokens will have a smart contract for them to interact with the buyers through the metadata. This concept has been observed by many to work especially with the experience and expertise that he is bound to bring in with him.

The rising popularity of NFTs

The move by Gary Vee will only continue to spark interest and the NFT platform especially in light of the growing popularity of these assets. As mentioned, the first tweet was sold for nearly US$3 million while someone paid close to US$70 million for a virtual artwork by Beeple. This is further compounded by the rising price of cryptocurrency prices particularly Bitcoin (BTC) and ETC since the turn of 2021. The ETC recently reached an all-time high price of about US$3,400 and market analysts are expecting the price to go up further.

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