NFTs PLEASE

Gary, Chief Acquisitions Officer (CAO) for Medallion XLN

Nonsense, Foolish and Trivial are a few of the unsensored words used to describe crypto’s latest darling, NFTs. Non-Fungible Tokens or NFTs are all the rage with celebrities, the mega-rich as well as crypto and tech nerds. NFTs sell for a few hundred dollars to hundreds of thousands of dollars to CryptoPunk #7523, the most expensive CryptoPunk in the world at $11.75m. NFTs literally have no limit. It’s the wild west out there! But why?

Most people consider their NFT buys as an investment. Gambling that their asset will increase in value. Allowing them to buy some tangible assets. For some it’s to help unknown artists garner attention. Others just seek the status of owning some very pricey NFT. Just like an art collector would acquire a Picasso. Many are beginning to see NFTs as much more than a digital art gallery of digitized faces and bored apes wearing hats.  But as a myriad of crypto highways leading to endless destinations.

Even titans of industry like Nike have entered the NFT world. Nike’s patented method of verifying a sneaker’s authenticity uses a NFT system called Cryptokicks. Even their system sounds like a very dope line of sneakers. 

Meanwhile in Hollywood, we have Mila Kunis and Ashton Kutcher’s adult animated series Stoner Cats. It’s a NFT project that can only be viewed by their NFT owners. The sales of NFT tokens depicting the Stoner Cats characters raised about $9m. This allowed Mila, Ashton and their team to bypass the normal studio and investor hurdles necessary to produce an animated series by raising their own funding. Mila and Ashton voice characters in this series alongside Seth McFarlane, Chris Rock, Jane Fonda and Vitalik Buterin. Which proves that there’s more than one way to skin a cat.

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