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.
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