Memorabilia: The Next Best Thing for NFTs?
NFTs are fast becoming the latest form of investment. They are also a fairly new wave in the cryptoworld. And who knew that collecting and reselling digital art could be so profitable and most importantly easily accessible?
With the accessibility that the internet provides, anyone with unique digital items can now trade NFTs online for millions of dollars. Also, you can invest in major companies like Enjin, Theta, and Chiliz.
On the 14th of February in 2018, Forever rose sold for $ 1 million. It is sold as an NFT on the Ethereum blockchain. The artist, Kevin Abosch is a pioneer in crypto art and is well known for his pieces.
Won’t it be great to possess expensive and rare collectibles worth millions of dollars? NFTs are a new trend, and they can definitely bring you that opportunity to earn a lot of money. You just need to find a collectible to resell at a high value. If you’re a badass designer or artist you can create digital art that would sell for high value.
The Development of NFTs
Taking a look back, NFTs have been around for a few years already and the projects are gathering more awareness and popularity every year.
But what exactly are NFTs? The abbreviation stands for Non-fungible tokens. If you have some knowledge about economics you might already have an idea of what this is.
When an asset is fungible, it is interchangeable. For example, if you have $100, you can split it. I could become $50 and $50. Right! But non-fungible assets can not be interchangeable; they are unique.
But can they be copied? Because there is almost no sense in creating assets that can be copied. You might wonder. And that’s why they are tokenized. With tokenization, the digital assets can capture relevant information particular to the item and store it in the block chain.
An NFT is digitally signed to be unique, and any other one would be a mere copy; not the original. Although copies of NFTs can be made, that right is only reserved for the creator or digital artist of the asset.
Buyers can also with the consent of the digital creator make duplicates. But like with collectibles or rare items in real life nothing is as expensive or worthy as the original.
Since the world is fast moving towards adopting technology and leaving offline things behind, the NFTs are gradually gaining much love from many young folks. And one of the latest projects in the NFTs space that can change things considerably and pioneer a new step for NFTs is The Memorable.
With NFTs there is a big opportunity for digital artists who want to create pieces of art that they believe would be of value to the budding NFT investors. The investors can hold or resell the digital items as they wish.
What is memorabilia afterall?
Memorabilia usually come in the form of sports trading cards and highlight reels from movies, digital houses, augmented reality sneakers and music.
Some of the stories contributing to the current hype regarding NFTs are Beeples and the NBA top shots massive sale as well as the massive investment volume in the first quarter of the year.
According to Forbes.com, the combined market cap for the NFT market grew by 1785% in 2021
One of the biggest news involving NFTs is the massive sale by Mike Winkelmann popularly known as Beeple. Beeple’s work sold at a record-smashing $69 million. And it believed that the highest he had ever sold before then was for $100.
With NBA Top Shot you can own moments of your favorite basketball player or team in NFTs. The NBA top shot is a marketplace where fans can buy and sell NBA moments packaged as clips on trading cards
Some of the most interesting NFT gist making the rounds include Golden state Warriors delving into NFTs and the selling of Kurt Cobain’s last photograph.
Interesting NFT Memorabilia Projects
While autograph.io is working with the biggest brands in sport, entertainment, and fashion to make unique digital collectibles, the Golden State Warriors have become the first pro sports team to create its own NFTs. So when you hear ‘Golden State NFTs’ don’t be surprised. The basketball team’s collections will consist of digital championship rings.
Also, the rock band Nirvana’s top man Kurt Cobain’s last photoshoot will be sold as an NFT. It is considered an opportunity for those who love the famous artist’s legacy to share in his rare moments.
NFTs are bringing art and cryptocurrency together, something that wouldn’t have seemed likely when cryptocurrency first debuted. The idea of selling collectibles and memorabilia which are unique or holding them for investment is now made possible by The Memorable. The Memorable’s idea of memorabilia is indeed unique as NFTs have not specifically delved into selling historical items.
