Talk about a collector’s dream.
- Non-fungible tokens have gained popularity in the past couple years.
- While it’s easy to see their appeal, they may not be the best place to invest your money.
It’s common for rock and roll memorabilia to fetch a hefty sum of money. Original records, concert programs, and signed lyric sheets can easily command hundreds or thousands of dollars, and for music fans, they can be a reasonable thing to spend money on.
But up until recently, buying a piece of music memorabilia has usually meant getting to take home an item to put on display. Nowadays, more and more people are turning to digital memorabilia, and not just as a means of indulging in fandom, but as an investment, in the form of NFTs.
NFTs, or non-fungible tokens, are a byproduct of the cryptocurrency market. NFTs are digital tokens that represent actual objects. You’ll find them within the realm of not just music, but also movies, sports, and other categories.
Recently, a digital version of the handwritten notes for the Beatles’ hit single “Hey Jude” sold at auction for $75,000. It’s easy to see why that’s something a hard-core Beatles fan would want to own. But is it a good investment? Is any NFT a good investment?
A world of speculation
The upside of owning NFTs is getting a digital asset that no one else has access to, the same way a signed copy of sheet music or a signed guitar may be something only you possess. Once you buy NFTs, you have the option to hold them and see if their value increases, and then sell them later on.
NFTs have the potential to be a money-maker, the same way the value of digital currencies could rise over time. But NFTs also come with risk.
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