by Anni Irish
featuring Asher Rubinstein, Partner with Gallet Dreyer & Dreyer, LLP.
What’s with all the hype around NFTs? A beginner’s guide on everything you need to know.
If you’re an investor, chances are you’ve been following the development of Non-Fungible Tokens — NFTs — over the last year.
The artist Michael Joseph Winkelmann (aka Beeple) made headlines in 2021 when his NFT sold at Sotheby’s for a jaw-dropping $69 million dollars. Then, CryptoPunks, an NFT collective led by Canadian software developers Matt Hall and John Watkinson, sold the rare ape NFT for $10 million in December.
This new asset class has swept the art world (and, let’s the honest, the Twittersphere) but it’s still something that many people aren’t exactly sure how to define, and even if we can muster a reasonable definition, we have no idea how to go about investing, or whether or not that’s even something we’d want to do. Because let’s face it, sometimes the hottest new trend is something that’s here to say — and other times it’s a flash in the pan that’s best avoided. Here’s a breakdown on what’s really going on with NFTs.