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• Reality has begun to feel more and more like the dystopian fantasies I grew up reading. This feeling ramped up with Mark Zuckerberg’s announcement of plans to build a “metaverse”, a “virtual reality construct” intended to supplant the internet, merge virtual life with real life and create endless playgrounds for everyone. “You’re going to be able to do almost anything you can imagine,” said Zuckerberg at the launch. I don’t know about you but that sounds a bit ominous to me.
• This virtual world wouldn’t be that different from reality in that people would still want to trade and possess certain items to show their status. The mainstream success of cryptocurrencies has opened the door for alternative forms of investments. We are in a new age of crypto millionaires with disposable income to invest in new products – mainly digital products. This has led to an increased popularity in NFT – a new way to flex your wealth in the digital space. If you are late to the NFT party like me, you may be wondering what it is.
• Well a non-fungible token (NFT) is essentially similar to a collectable or trading card in which a unique digital certificate, registered in a blockchain, is used to record ownership of an asset usually purchased using a cryptocurrency such as Ethereum. They can be thought of as trading cards which the market will determine the value. Think beanie babies or Pokémon trading cards.
• NFTs are generally one of a kind and have a limited run. While the buyer will be able to prove their purchase through the blockchain, other internet users will still be able to save, share and use the digital content as they please. NFTs first caught my attention when a piece of work by digital artist Beeple sold for $69m at Christie’s earlier this year. The astronomical amount paid seemed even more ridiculous to me, as the person who purchased it would never receive a physical copy of the piece but would only have proof of ownership on the blockchain.
• Clearly people were willing to invest a lot of money in a relatively new artform, but I have to say I am still sceptical of whether this trend is a fad or the future of art investment. When I first heard about NFTs I couldn’t understand the appeal. Why would someone spend millions on a meme or digital art? NFT enthusiasts would argue that this is the evolution of art and investments. I was overwhelmed by the large community and amount of information available, the only issue being it was hard to know who was trustworthy or just overhyping the movement. They are still in their infancy, coming into the mainstream around 2014 but have gained more traction in recent years with the crypto boom. The appeal is clear for artists as they are able to reach a larger audience by tapping into the cult-like fanbases some of the art collectives have amassed and sell their products with no intermediary. Digital artists such as the Bored Ape Yacht Club have amassed over $1bn in trading since its inception just seven months ago. This is not only limited to artists though. Musicians, authors and content creators in general have found success by “minting” albums, books and clips and selling to fans with certain perks. For the collectors looking for investment opportunities, it’s no different to purchasing a rare art work or a vintage Rolex. The danger of investing in NFTs, similar to crypto, is the possibility of being scammed with fake pieces of work. Whether they will make a good investment or not still stands to be seen. Buying them is a very volatile and unpredictable business, as the market is still new and constantly evolving.
• Also, much like traditional art collecting you have to be somewhat of an expert on the topic in order to know what will appreciate with time, especially as digital art’s popularity can be fleeting. While a person can claim ownership of an NFT the lack of control on how and when your digital piece is shared and used could prove frustrating for some. There is also the risk that a “pump and dump” dip will happen soon as the hype reaches new heights and if you are looking for more green investments this would not be the best as most blockchain transactions use a considerable amount of power. Regardless of what happens, much like the dystopian novels I loved as a teen, I’m interested to see where this story goes and whether it ends with a better world with more opportunities for all or utter ruin.

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