Paris Hilton is among the first Hollywood stars to join the NFT movement by launching her very own NFT collection.
The American socialite boasts a movie and TV career, fashion lines and now a sell-out NFT series worth $220,000 and counting.
Her ‘non-fungible token’ collection includes three unique digital art pieces, two of which have sold while one – called ‘Iconic crypto queen’ – has investors bidding over $1million.
You’re probably wondering, ‘what fresh hell is NFT? And how can we cash in on this new trend?’
We’ve got all the answers about this lucrative movement taking over the digital world…
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What is NFT?
In short, NFTs are individual digital tokens with valuable information stored inside them.
They’re a unique digital asset that assign and prove ownership of real-world items bought online like art, real estate, video clips, music and even tweets.
They’re recorded on a super safe blockchain – the same technology behind cryptocurrencies like Bitcoin – which makes them one-of-a-kind and very tricky to alter or copy.
What are they worth?
NFTs are valued based on the market, and demand for them.
NFTs for art – like Paris Hilton’s – are sold for millions of pounds, and they can all be bought and sold like other physical items such as prints, paintings and sculptures.
Digital artist Beeple sold his piece ‘Everydays – the First 5000 Days’ for a whopping $69.3m through a Christie’s auction.
Meanwhile a 20-second video clip of LeBron James "Cosmic Dunk #29" was sold for $208,000.
Others can make copies of the item you own when you buy an NFT. But if yours is the original, it could be much more valuable – just like a first edition book, for example.
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What can you do with them?
NFTs are considered modern-day collectibles, currently trending in the art world.
But in the future, they could spread to all walks of life.
Business Insider shared a great example: A school could issue an NFT to students who have earned a degree and let employers easily verify an applicant's education. Or, a venue could use NFTs to sell and track event tickets, potentially cutting down on resale fraud.
How to buy one
You can buy, sell, trade and create NFTs from an online owner, a marketplace or an auction.
If you’re not sure where to start, platforms like Nifty Gateway, OpenSea and Rarible offer NFTs by big brands and athletes, collectibles and art.
You usually invest using cryptocurrency (digital currency used to secure online transactions), but the price might be listed in dollars or pounds.
NFTs are a costly craze and with hiking popularity, scammers and fraudsters are bound to jump on board.
Some might claim they have the right to sell an NFT of something they don’t own, while others may try to tell you something’s an NFT when it isn’t.
They’re not all worth millions, either. Some people have made a mint selling NFTs, but others could spend thousands on digital assets that end up being worthless.
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