Why Are Investors Spending Millions on NFTs?

Collectors spend a lot of money on unique things, from vintage cars to paintings. NFTs, non-fungible tokens, just made it to the top of their latest buying frenzy. These are digital collectibles whose ownership is locked in a blockchain. However, digital collectibles are not interchangeable, or ‘fungible’, as digital currencies are. You can buy NFTs in any auction that hosts these collectibles. With the proliferation of the internet, people could download songs without paying royalties. As a result, the real artists did not get paid for their hard work. YouTube and Spotify received a lot of criticism for failing to address this issue. NFT seems to mitigate this age-long problem in one shot. CNBC’s Ryan Browne shares more on the rise of these digital capabilities.

The post Why Are Investors Spending Millions on NFTs? appeared first on AITS CAI’s Accelerating IT Success.

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