Business
What inspired this week’s topic was a recent article I read in BBC News which reported that a “digital-only artwork sold at Christie's auction house for an eye-watering $69 million”. But, get this...the winning bidder will not receive a sculpture, painting or even a print. Nope. Nothing. Instead, they will receive a unique token known as a NFT, or non-fungible token. Think of NFTs as the cryptocurrency equivalent of investing in collectibles. Instead, you’ll receive a on-of-a-kind token. And that one-of-a-kindness - there’s only one of these, is what makes NFTs so intriguing, I think. Unlike other collectibles, coins, or mass-produced beanie babies, when you buy a NFT, there’s just one. Whether it’s Twitter founder Jack Dorsey’s first-ever tweet signed him which recently sold for over $2.9 million, memes selling for hundreds of dollars, or your very own one-hit-wonder song you’ve decided to write and sell for $5, the curiosities in NFTs abound. So this week on the One Minute Retirement Tip podcast, I’m talking about Non-Fungible Tokens (or NFTs). A very new cryptocurrency investment that has all sorts of applications. I’ll explain what they are, how they compare to other cryptocurrencies, and we’ll discuss some interesting examples, applications, and opportunities that exist in this brand new investment. I find NFTs fascinating and frankly, head scratching, so I’m thankful for all of you here with me this week as I stumble around in the dark learning about this brand new kind of investment...this podcast and you my loyal listeners have been a real gift...you’ve inspired me to better understand NFTs when honestly, I would normally just read some weird article about how someone paid $400 for a 52-minute recording of farts - which really happened by the way, and dismiss it outright as a silly waste of time without a second thought. But I’m not so sure after researching this topic in more detail. The uniqueness of NFTs has really piqued my interest, and I’m excited to be sharing with you what I’ve learned in this week’s episodes. That’s it for today. Come on back tomorrow, where I dive into the details of NFTs and explain what they are. Thanks for listening! My name is Ashley Micciche...and this is the One Minute Retirement Tip. ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance