Tech enthusiasts willing to invest more in risky NFT market

  • 📰 trtworld
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Risky multi-billion dollar NFT market spawns new generation of collectors convinced of their huge potential

It was that same guarantee of authenticity that drove Devan Mitchem, a Singapore-based cloud engineer, to begin collecting digital objects, after at first being skeptical because of the "inconsistent formats, marketplaces and storage options."

"It’s risky, but I feel works created from 2017 through the lockdowns of 2021 will be remembered as the defining moment of this new category," he said. "This era will hold a special place in future portfolios." For anyone interested in exploring this new market, Mitchem offers this advice: "Read up on the philosophies behind blockchains like Bitcoin." That should make it clear, he added, that "these are global computers not owned by a single entity."Love of art, or money?Those who "flood in the market without doing their research and not even making an effort to understand NFTs," he said, "will be the ones who will most likely be burned.

Mitchem, like many others, insists he is drawn by the artistic value of many young digital creators, even if the public image of the NFT is largely that of a fad, if not an outright fraud.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 101. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines