Popular paintings are often valued in the double-digit millions with the most famous artworks, like the Salvator Mundi by Leonardo da Vinci, being last sold for more than $450 million. Unlike with other assets, like stocks or gold, the value of an artwork is highly subjective to the viewer or owner. Long before NFTs existed, fine art has been used as a store of value, and with that comes a long history of money laundering. Notable NFT projects.Įven though the NFT trend is still fairly new, there are already thousands of ‘projects’, including the below:įine art – a long history of money laundering. After purchasing an NFT on a marketplace, the token can be transferred to your personal wallet for storage. The most popular wallet for storing NFTs is MetaMask. In addition, many of the established crypto exchanges like Coinbase or Binance are expanding into NFT trading. While some marketplaces also allow you to store NFTs, they are typically stored in a personal wallet. There are many dedicated NFT marketplaces, such as OpenSea, Rarible or Nifty Gateway. Where can I buy NFTs, and how are they stored? In other words, NFTs is the product you are buying, while crypto is the means by which you pay for it. In practice, NFTs are usually purchased with cryptocurrencies. Like with traditional FIAT currencies like EUR, USD and GBP, every monetary unit is equal and interchangeable. Unlike NFTs, cryptocurrencies are fungible, meaning that every unit is the same. How are NFTs different from cryptocurrencies?
Due to their unique non-interchangeable traits, NFTs are often compared to traditional collectibles, like playing cards or pieces of artwork – the only difference being that they’re fully digital.
The tokens can represent any form or data, from a picture or video to a digital asset in a video game. NFTs or Non-Fungible Tokens are non-interchangeable tokens stored on a blockchain or other form of distributed ledger. And if that is the case, then now is the time to bring them in the regulatory fold, and implement KYC measures to protect NFT providers and customers from fraud and other types of financial crime. It’s safe to say that NFTs have emerged from the niche. Less than a year later, the leading NFT marketplace OpenSea kicked off the year with a NFT trading volume of more than $5 billion in January 2022 alone equalling the total of the whole of 2021. The sale made him one of the top three most valuable living artists. In March 2021, artist Mike Winkelmann, better known as Beeple, sold one of his artworks as a Non-Fungible Token (NFT) at auction house Christies for US$69 million.
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