These NFTs Are OFF THE CHAIN!! Sector Update
👨🏫NFTs Recap👨🏫
NFT is short for non-fungible token. When something is non-fungible, that means that it’s unique and can’t be replaced. A simple example of a non-fungible asset is the Mona Lisa painting NFTs are just unique digital assets built on cryptocurrency blockchains, specifically smart contract cryptocurrency blockchains such as Ethereum, Cardano, Polkadot, and Solana
🤑Biggest NFT Sales (So Far)🤑
The first place position is held by the Beeple art compilation NFT that sold for an astronomical 69.3 million dollars at auction back in March The buyer was a man by the name of Vignesh Sundaresan who guys by the pseudonym MetaKovan, and he mentioned in an interview that he was ready to pay even more if necessary
💸Biggest NFT Funding Rounds (So Far)💸
Later in March, Dapper Labs received 305 million dollars from a series of celebrity investors including NBA star Michael Jordan As with NFT sales, the biggest NFT infrastructure investment dwarfs the others, and that’s SoRare’s 532-million-dollar funding round
📊Top NFT Trends📊
One of these are NFT virtual worlds such as The Sandbox and Decentraland. Another is NFT based gaming, something popularized by Axie Infinity
🔎Next NFT Trends🔎
When it comes to where the NFT industry is headed next, my bet is on decentralized video and media, possibly even social media. Projects to watch here are Theta, Livepeer, Audius, and Aave
⚖NFT Issues, Taxes, Regulations⚖
For starters, there is a possibility that NFT companies could get rekt by regulators. This is because some NFTs could fall under the umbrella of a security according to the SEC Another concern around NFTs involves their effect on the climate given that most of them are minted on Ethereum which is currently a proof of work blockchain that uses a lot of energy A more pressing issue around NFTs involves taxation which has been the talk of the town these days with that infrastructure bill and its crypto tax clause
🤔What Do You Get When You Buy An NFT?🤔
As explained by lawyer Jeremy Hogan, this ultimately depends on the NFT in question. Usually, buying an NFT only gives you the right to view it, show it, and sell it Sometimes there are legal limits on how much you can sell your NFT for on secondary markets, which is apparently the case with CryptoKitties What’s interesting is that the intellectual property rights for the NFT are automatically given to the NFT creator unless explicitly given to the buyer in the conditions of the smart contract
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
