My guest on The Entrepreneurial You today is Miguel has a true passion for technology and entrepreneurship which direct his work ethic. With over two decades of experience in technology leadership and product architecture, Miguel is the archetype creator and product builder. His extensive experience ranges from financial systems, e-commerce, homeland security, managing enterprise teams and delivering tested and secure products using big data. Having heavily used cryptography before it was cool, the crypto and defi space provide a healthy environment to merge his entrepreneurial skills with his development and architectural chops.
Non-fungible tokens, widely known as NFTs, are the latest evolution of the cryptocurrency concept. They’ve been around since 2014 but recently gained notoriety. NFTs can be traded or exchanged, one for another as one of a kind digital representations of physical assets. They are essentially digital contracts, with certain rules such as the number of copies available for sale. Much of the current market for NFTs is centred around collectables, such as digital artwork, music, real estate and sports cards, even tweets. So what triggered the latest internet obsession? In early March 2021, a group of NFTs in the form of artwork was sold for over USD 69 million, the sale set a precedent and a record for the most expensive pieces of digital art sold thus far.
NFTs exist on a blockchain which is a distributed public ledger that records transactions. Blockchain technology help artists and content creators, for example, get the opportunity to monetize their wares without relying on a gallery or auction house. Instead, the artist can sell it directly to the consumer. In theory, anybody can tokenize their work to sell an NFT. It is important to note, however, that NFTs are typically held on the Ethereum blockchain so owning and storing some of this cryptocurrency is usually the first step in attaining NFTs. With all the hype surrounding this new craze, the big questions yet to be answered are…are they worth the money, will they change the way we do invest forever or will they fade away? Only time will tell.
