SACRAMENTO, CA – In the last few months, non-fungible tokens have taken the world by storm due to the rise of several monumental sales in the industry. One of the key players in the NFT industry, Mike Winkelmann, has made headlines by selling his most recent digital artwork for $69 million dollars.
As NFTs allow digital ownership of art; many people are flocking to this opportunity to not only invest in these assets but also to sell. In our interview with Mark Cuban in regards to NFTs taking off, he states:
“…they are easy to collect, buy and sell. And there are a lot of very creative offerings that really connect to people. As far as investing, it’s like investing in any creative asset. Anything creative is worth what someone will pay. So, you can never truly predict future pricing.”
Since the recent sales of NFTs by Mike Winkelmann and other artists generating multimillions of dollars, the rise in Ethereum transactions has also grown due to the need for purchasing these NFTs with this cryptocurrency. In regards to Ethereum being a good investment for the future, Cuban states:
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“I think it can be, but whether it’s Ethereum or a stock, it’s hard to know for certain.”
As bitcoin has also risen to record highs lately, hitting over $57,000, there has been growing interest in other more affordable cryptocurrencies such as Dogecoin. Recently, Mark Cuban has started accepting Dogecoin as a payment option on his Dallas Mavericks website. He stated:
“I have never invested in Dogecoin. I own it because we accept it for purchase of Mavs items and I bought some to teach my son about crypto. But I have never bought it as an investment.”
Since there is a flurry of new NFT enthusiasts that are looking to both invest and create digital art during the pandemic, they may not know exactly what they are getting into. In regards to people taking action during these times, Cuban states:
“Do your homework and make sure you understand what you are doing before you do it.”