This has led to interesting discussions about how to properly account for and value NFTs. It’s conceivable that as Non-fungible tokens become more prevalent and accepted that you could see them showing up on balance sheets. It could be multi-million dollar piece, traditional piece and even undred dollar one. Given the unique characteristics of an Non-fungible token, you can see how they would be useful to collectors of “things” or investors in rare “things.” Instead of a rare stamp or painting which you physically possess, NFTs are being hailed as the digital solution to collectibles. NFTs come with a digital certificate of ownership and, theoretically, no one can create a copy or alter an NFT. The uniqueness of an NFT is its ability to be independently verified using blockchain technology. An NFT can be a digital one-of-a-kind piece of artwork, a digital autograph or multiple copies of these items with each copy being individually identifiable. Simply put, an Non-fungible tokens is a one-of-a-kind digital asset that has no tangible existence. Shortly after, Twitter founder Jack Dorsey auctioned off his first tweet as an NFT for $2.9M USD. In March 2021, for instance, the first purely digital artwork (NFT) by the artist known as Beeple was sold by Christie’s for a record $69M USD. What stands out immediately is the magnitude of wealth being used to purchase these NFTs. In 2021, a new trend to bid on and/or purchase high-value collectibles known as non-fungible tokens (NFTs) captured the attention of people around the world.
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