NFTs are creating a decentralized ecosystem around digital art as an investment. Famous businessmen around the world who once considered cryptocurrencies and NFTs worthless are changing their tone. NFTs have their digital signature through blockchain where the information is recorded and this makes them unique.
In a CNBC interview Kevin O’Leary, the famous Canadian businessman, and investor of Shark Tank TV show thinks the NFT market will be bigger and more fluid than Bitcoin. He pointed out the digitalization of various aspects of our lives like authentication, real state, taxes, and insurance policy contributes to the growth of the NFT market.
The huge interest from famous businessmen around the world is another proof that the crypto and NFT market will only get bigger and more established over the long run.
Wonder-Fi, a decentralized finance platform backed by Kevin O’Leary, is acquiring Canadian crypto exchange Bitbuy.
Kiat Lim and Elroy Cheo, super-wealthy Singaporeans, are creating a private NFT-based social networking app when participation is allowed for the holders of the project’s NFTs.
Kevin O’Leary is considering different jurisdictions for investing in the crypto market like UAE, Canada, France, and Switzerland. He looks for the countries that are progressive regarding cryptocurrencies and blockchain.
Gamestop, a famous electronics retail company among stock traders, is launching an NFT marketplace.
Samsung is integrating NFT with their upcoming TVs and users will be able to explore, purchase, and display NFTs.
Some of the major clothing brands like Adidas and Nike introduced their own NFTs available for minting.
When trading NFTs you should be careful about frauds, fees for buying and selling. There are a lot of projects that look good but get stuck on your hands after buying. If the fees end up higher than your profit then you actually made a loss.
The technology around NFTs is making progress to be better protected against hackers. Expensive hacking accidents have brought more attention to the fact that NFTs should be held in hardware wallets like cryptos to be safe from hacking.
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