👨‍🏫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
đź’¸Biggest NFT Funding Rounds (So Far)đź’¸
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
đź“ŠTop NFT Trendsđź“Š
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
âš–NFT Issues, Taxes, Regulationsâš–
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