My dad had a comic book collection when I was a kid. It was his prized possession. He owned every issue of Spider-Man, Wolverine, you name it. He had the “Death of Superman,” and even “Batman Knightfall” where the Dark Knight is getting his back broken by Bane.
It was epic.
My dad is a jacked bald Black guy who’s served in the Army for 20 years now. So you wouldn’t be able to tell that he was a total nerd.
As I drink room-temperature coffee out of a “Live long and prosper” Star Trek mug, I can relate. The entire world can now relate I think. Being a nerd is cool. With the Marvel movies being the biggest media event of all-time and 40% of the world playing video games, I think it’s safe to say that we’re all nerds now.
This leads us to NFTs, where being a nerd can finally make you rich.
NFTs Are Fundamentally Changing The World
Non-fungible tokens are unique digital assets that represent a wide arrangement of tangible and intangible items. This could be everything from digital collectible sports cards to virtual real estate and even digital artwork.
I know it sounds strange. Stay with me.
NFTs aren’t exclusive to the virtual world. You could, for example, buy real estate through one of these NFTs exchanges. Say you wanted to buy a house. You would pay for the property with a cryptocurrency like Ethereum and be given an NFT token as proof of ownership.
Now, imagine being able to track the price of your house in real-time the same way you can track Bitcoin’s price 24/7. If you just made a big home-improvement like gutting your basement or adding a pool you could directly see it reflect in the price of your NFT.
This isn’t even mentioning that you just turned the whole house buying process into a peer-to-peer transaction. No brokers. No lawyers. No banks. Just you and a person selling a house.
All of this aims to disrupt several major sectors of the economy. As Kevin O'Leary says, disruptors are what make their investors rich.
Someone Bought Socks for $92,000
We’re just starting to see NFT mania.
Nyan Cat is being sold as one-of-a-kind digital art. Marvel Comics is entering the NFT and Blockchain space. And everyone from Mark Cuban to Chamath Palihapitiya (who was previously a Bitcoin-only investor) are jumping into this sector of cryptocurrency.
This NFT craze enabled someone to buy digital socks for $92,000.
Uniswap — another popular cryptocurrency — created 500 SOCK tokens in 2019, awarding anyone who bought the token with a real-life pair of socks. The very first SOCKS token was listed for a modest $12.
Like any rare collectible item, the price of these socks appreciated in value. However, I don’t think anyone saw this coming. The price of UniSocks went parabolic to an all-time high of over $92,000 this past week.
This proves once and for all that memes are the new money.
At the time of this article, SOCKS are trading at around $65,000, down 24% on the day, according to crypto metrics platform CoinGecko.
This is Why NFTs Are The Future
It’s a fad.
It’s a scam.
It will never work.
That’s what a lot of very smart people said about Bitcoin. They were wrong. Bitcoin is at $52,000 and more institutional investors joining by the droves. But now, however, they’re using the same arguments against NFTs.
I hate telling someone they’re wrong twice, but here’s the skinny. NFTs will work because they use blockchain technology.
Think about a piece of priceless art like the Mona Lisa. Even if someone were to replicate Da Vinci’s masterpiece to the tiniest microscopic detail it would still be worthless compared to the original.
We appreciate art, collectibles, houses, almost everything valuable because of its uniqueness and originality. Until now, digital art never had that same quality. It felt too saturated. NFTs are turning that on its head and validate your collectible online piece as the one and only original.
This piece is called “Boardwalk” by Mad Dog Jones. Although I can easily repost it here, I could never replicate the NFT token that is worth $125,000.00 at the time of this article.
Let The NFT Wars Begin (And How to Invest)
The NFT wars are underway as the exchanges battle to become the place that everyone heads to buy digital collectibles.
All the exchanges are at war trying to be the place that collectors, artists, and designers flood to. Just imagine how crazy it would be if someone like Kanye West or Lady Gaga made a piece of virtual art and backed it with an NFT.
It could easily go for millions.
Now, if you’re interested in investing in this digital space there are a few ways you can do it:
- Invest in Ethereum: Mark Cuban called Ethereum a better investment than Bitcoin. From a technological standpoint, he’s right. Most of these NFTs and altcoins work off of protocols first introduced by Ethereum and will continue to rely on it.
- Stay Up To Date: Keep up with the top NFT exchanges like Nifty Gateway and OpenSea to get an idea of where this market is headed. Disney NFTs? Overwatch NFTs? The sky’s the limit.
- Invest in Digital Socks: $12 digital socks could have made you $92,000 richer. That shouldn’t be possible, but it is. NFTs are here and they’re disrupting the entire art/collectible market. Keep an eye on where this industry goes and pick up a few collectibles you think will appreciate in value.
Memes are money.
You can either laugh at the hypocrisy of that or embrace it.
I don’t think NFTs are going anywhere because the internet isn’t going anywhere. We’re only going to dig deeper into our digital holes as the years go by. While you’re digging you might as well hang up a few digital originals of Mona Lisa and Hieronymus Bosch.
Join my 1500+ people on my newsletter for a free copy of my eBook “Mind and Muscle.” This is not financial advice. I am not a financial advisor. I just like NFTs.