You're probably asking yourself "What's an NFT and why should I care?" Well, for starters NFTs are digital assets that represent a wide range of unique tangible and intangible items, like collectible sports cards, digital sneakers and even virtual real estate.
Basically, the benefit of owning a digital collectible versus a physical collectible is the distinguishing information that makes it both distinct from any other NFT and easily verifiable. This makes the creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer. Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another. This is because no two NFTs are the same–even those that exist on the same platform, game or in the same collection. Think of them like fingerprints where two cannot be the same and each have their own identity.
"The vast majority of NFT tokens were built using one of two Ethereum token standards (ERC-721 and ERC-1155) – blueprints created by Ethereum that enable software developers to easily deploy NFTs and ensure they’re compatible with the broader ecosystem, including exchanges and wallet services like MetaMask and MyEtherWallet. Eos, Neo and Tron have also released their own NFT token standards to encourage developers to build and host NFTs on their blockchain networks." - Coindesk.com
Okay great, we have digital artwork and trading cards. We even have NBA Top Shots which are essentially digital clips of basketball players doing things you can easily find on youtube. We are now seeing that the NFL is working on strategies to milk this out as well.
Now how can we relate this to stocks and money making opportunities? Below I have created a watchlist for NFT related stocks. As theme and hype circulates these names, they present speculative opportunities to profit. Note that these companies are turds but as long as the volumes-a-flowing, the moneys-a-growing.
Markets been funky and accounts have been getting wrecked. We may see a correction soon, but play safe and smart out there homies. There's always a way to make money on the streets, and that way is to stay on the themes.
Not a financial advisor
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