If you’ve been following our content on IG recently, you know about our new obsession, non-fungible tokens or as many have come to know them, NFT’s. Since we began to share our digital journey in the NFT world, I’ve gotten countless requests from family, friends and followers to explain what it is and how can I get an NFT? Before I dive into it, I’ve gotta admit, I’m no NFT expert and I’m no Crypto expert, I’m just a Dad with Thumbs, a Smart phone and a passion for learning.
An NFT is a Non-Fungible Token, if you’re anything like me, you’ve already said, what the heck is that? Well, it’s a digital token, which is pretty much a certificate of authenticity, much like a deed or proof, confirming you own the right to display the above art on your wall or in your digital wallet. All in all, this means they’re collectable digital assets that hold value, just like how physical art holds value, so do NFTs. The cool thing is, any kind of reproduced digital file can be stored as an NFT to identify the original copy, like photography, art, music, videos.
Now the good stuff! You’re all here to understand, why are these things so valuable? How does this translate to money? I recently bought an NFT comic of, The Amazing Spider-Man #14, for $6.99. I was lucky enough to score one of the Secret Rare versions which increased its value. Before I get into how much I was able to make in resale, I’ll explain what drove the demand. Firstly, everyone loves our friendly neighborhood spiderman. It was the first appearance of his arch nemesis, Green Goblin, then the pop culture impact, unless you’ve been living under a rock, you know the new Spideman movie is premiering soon and the Green Goblin is set to make his MCU debut. You combine all of these factors and it drives the value. I was able to turn a $6.99 NFT comic into $800+. Not exactly life changing money on my first flip, however, NFT’s do have that kind of firepower and star power.
On Opensea, one of the most valuable NFT collections in the world is the Bored Ape Yacht Club. The most affordable one is worth $200,000. Another valuable NFT collection is the Crypto Punks, we’ve seen some of these NFT be sold for an excess of $5 million dollars (yes, you read that correctly!) Veve has also been making a name for itself in the NFT world too. Veve holds the license to some of the most popular franchises/ characters in the world. The most expensive collectible on their marketplace is the Ultra Rare Donny, from the Powerpuff Girls. There were only 150 of them minted (created) and the drop price (face value) was just $16.99. The current price is just north of $83 thousand (that’s an ROI of x4,905).
With the ever growing digital world, as the Internet of things (IOT) evolves, NFT’s value will only continue to explode. The craziest part, this space is only in its very early infancy stage and it’s already a billion dollar industry. With growing AR technology and the introduction of the Metaverse, it will only fuel the technology and platforms that will increase the value and popularity of NFT’s. Have you bought your first NFT yet? If so, let us know in the comments what was your first purchase?
Growing Up Garcia 