The latest news and articles from Financial Poise, plus a new free webinar every week.
Could a digital token be worth more than a Honus Wagner baseball card?
As people, we value what is rare and we adore the unique. And that’s exactly where we’re willing to put our money. A comic collector fantasizes about owning a Marvel Comics#1 (1939), or a baseball card collector dreams of getting their hands on a T206 Honus Wagner card.
But what if you can’t actually get your “hands” on rarities nowadays? NFTs, non-fungible tokens, are cryptographic items, mostly digital works of art, that are one-of-a-kind and cannot be replicated. What does this mean for collecting and investing in tangible assets? How will the advent of NFTs impact how we value traditional art, antiques, and other collectibles?
Baseball card collecting is a classic American hobby and is an example of an industry that has managed to survive decades of change. It certainly has evolved overtime with the development of new technologies to keep people interested; an example of this being how card collectors and investors have begun conducting virtual card-opening sessions through Livestream as a new form of engaging investors (which you can read more about in Home Run Hobby: Collecting Baseball Cards for Fun and Profit?). The fact still remains, however, that the most valuable baseball card, the T206 Honus Wagner, sold for $6.6 million, while the most expensive NFT, a piece by an artist known as Beeple, went for $69 million.
NFTs may even be an opportunity for businesses to become more efficient and organized with their products. With asset digitization as an option, companies may turn to NFTs since they are easier to track and transition ownership of assets. It would be wise, with the world’s ignited interest in them, to find out how to utilize NFTs to benefit your small business. Jordan Fishfeld’s 2 Major Blockchain Use Cases for Small Business is a great starting place for getting ideas and seeing where others have found success.
The COVID-19 pandemic thrust businesses into what was, for many companies, unchartered territory: exclusively online and virtual workspaces. While many businesses were able to adapt and find creative ways to adjust to remote work, without implementing proper measures for protecting a company’s data, there is a risk that hackers or scammers may be able to access private information.
Reports from Atlas VPN found that 73% of phishing sites use impersonation of Microsoft product-related pages as a tactic to target unaware users. Many companies rely on Microsoft products to organize their work spaces, but may not have the knowledge to recognize when a page is being impersonated. The trouble is that 50% of compromised accounts get accessed by hackers within 12 hours. Within a week, 91% accounts are fully taken over by hackers. Whether it’s credit card numbers or health information, your company’s sensitive information needs to be kept secure. Read How Threat-Savvy Companies Can Defend Against Data Breaches by Adam Sarote for tips that will help you protect your company’s cyber "perimeter."
From the series: LEGAL ETHICS – BEST PRACTICES 2019
In most professions, it’s challenging to keep up with the exceedingly fast pace at which technology is changing and developing. Keeping up with the way lawyers and businesses interact is no exception. New and different challenges arise in regards to maintaining confidentiality, attorney-client privilege and the creation of a detailed record of negotiations and interactions. This webinar will describe the problems and some solutions that arise out of the changing manner and pace of business law practice.
Financial Poise Webinars for attorneys and accountants are distributed exclusively by West in partnership with West LegalEdcenter, part of Thomson Reuters, a leading source of intelligent information for businesses and professionals. West LegalEdcenter subscribers have access to every program in its library (like the Netflix of legal and accounting continuing education). Financial Poise is one of West LegalEdcenter’s largest content producers. You can see our partner page, and a link to our approximately 300 webinars currently available on West LegalEdcenter here), all of which you may attend at no additional charge if you are a subscriber to West LegalEdcenter.