Non-Fungible Token, NFT for shorts, is a unique digital identifier that cannot be copied, substituted, or subdivided, recorded in a blockchain, and used to certify authenticity and ownership. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody and require few or no coding skills to create. The Non-Fungible Token (NFT) market nosedived from its peak of $17 billion in early 2022 to $470 million in September 2022. That is about 97% drop in value. This data was compiled by Dune Analytics, a blockchain analytics firm.
The growth of NFT between 2020 and 2021 cannot be overlooked as the market grew by 21,000%. i.e. from $82million to more than $17 billion. Ethereum is one of the commonly used blockchain networks to trade NFTs. In the next few years as crypto assets appreciate, there will be increment in the value of NFTs and the $17billion value might be surpassed as a result of the next crypto rally.
Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto and Nfts in your portfolio? Schedule a meeting with us here