It’s not very often in this business that I have a wtf moment! But listening to Max Maher try to explain to this luddite the intricacies of the new digital economy I felt my eyes starting to glaze over and my brain collapsing in on itself! NFT what? Non Fungible what da? Digital artwork? Digital splodges more like it! So being the gentleman that I am, I tried to process the benefits of what sounded to me like one of the greatest and scariest hoaxes ever perpetrated on the human race: paying actual money for something that doesn’t actually exist in the real world and expecting to get rich in the undertaking.
At that moment I probably looked more like a startled rabbit than a hard bitten finance journo. I haven’t felt so aggrieved since the Pokemon craze or when a Pacman ate my baby. Max Maher smiled gently at me, fixed me with an amused stare and said: “Dude. You have to take this seriously. NFTs are the latest next big thing!” So as I choked down a few more espressos Max Maher gave me the lowdown on the NFT hoedown.
Non Fungible Tokens (NFTs) are the latest trend in the digital economy and thank god for young bulls like Max Maher to explain to us mere mortals how this stuff actually works, and more importantly how to make money from them. To my very limited understanding and with a little help from the digital truth-sayer that is Wikipedia: A Non Fungible Token is a unique and non-interchangeable unit of data, think of it as a piece of digital art, stored on a digital ledger that uses blockchain technology to give the NFT a public proof of ownership. This gives NFTs the security of crypto currency and while they are transferable and can appreciate and depreciate in value they are only transferable for the total value. Unlike Bitcoin or Ethereum you cannot buy or sell a portion of an NFT. Hence their non fungibility. And yes you can earn interest off of them!
After listening to Max Maher’s explanation I have come to think of NFTs as the love child of online gaming and crypto currency. Go look up CryptoKitties for an insight into this new phenomenon. One of the reasons NFTs are hot right now is the gains they have made on the market this year, from $2 billion in Q1 to over $10 billion in just six months. This market is about to explode and you really want to get into it before it goes supernova!
Max Maher has done the research that will enable you to set realistic goals and navigate your way through this new cultural and economic space. As with any form of investment your main goals should be not to lose money and to only invest where you have the greatest odds of success. This can be a difficult and high risk market that many people will find overwhelming to deal with. So let Max Maher be your guide into a whole new venture that can bring you a lot of rewards and a whole new community where you can have a lot of fun too! Follow Max Maher on YouTube, on his Patreon and on Twitter. A good starting place to learn about dealing in NFTs is Max Maher’s YouTube video How To Find NFTs Before They Blow Up!