We heard from so many of our listeners after our Crypto 101 episode where we explained all things digital currency and blockchain… but the question on your minds wasn’t about crypto — it was about NFTs. Non-Fungible Tokens.
But what exactly are they? NFTs are original digital works of art that exploded onto the market during the pandemic, and served as a way for artists to be able to make and sell original work digitally. They’re “crypto-adjacent,” which means that they’re secured using the same blockchain technology used in crypto. These days, everyone from famous musicians like Jay Z to our favorite visual artists on Instagram seem to be making and/or minting NFTs. The artist Beeple made headlines in 2021 when his NFT sold at Sotheby’s for a jaw-dropping $69 million dollars. Then, the NFT collective CryptoPunks sold the rare ape NFT for $10 million in December.
This new asset class has clearly swept the art world, but it’s still something that many of us aren’t exactly sure how to define — and even if we can muster a reasonable definition, we have no idea how to go about investing in it, or whether or not we’d even want to do. Because let’s face it, sometimes the hottest new trend is something that’s here to say — and other times it’s a flash in the pan that’s best avoided.
We answered all your NFT questions with the help of Kelly Groehler, co-founder and CEO of Alice Riot, a fine art licensing & web3 consulting agency that connects brands, products & experiences — both in the real and virtual reality worlds — with works by women contemporary artists. She’s bullish on the metaverse and is actively launching VR and NFT projects in partnership with women artists, brands and fine art institutions.
Listen in as Kelly breaks down her definition of NFTs, because in addition to being an owner of NFTs, she’s also a creator, and is incredibly well-positioned in this industry to see it from all sides. She tells us what an NFT really is, when it comes to art.
We break down all your most pressing questions:
Is it safe to invest in NFTs?
Where and how do we buy an NFT?
Do we need a special wallet? How do we open one?
How do we identify which platforms to use when buying an NFT?
How do we identify which NFT to buy?
What is the risk?
How much money should we start with?
Like crypto, NFTs can be bought and sold easily online, and they are essentially a non-transferable form of asset… But there’s more to that that makes NFTs one-of-a-kind. We also get real about whether or not NFTs have staying power, or are a flash in the pan — do they really have potential to fundamentally change the economics of the real world art world?
Kelly also tells us about some of the disparities facing women artists today, and how smart contracts — as seen in NFTs — can make a difference for an art collector, and to the artists.
In mailbag, we break down several questions on 529 college savings plans. And in Thrive, four things you should do before quitting your job.
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