If you haven’t heard about NFTs, you may want to question your news sources.
They are all the craze these days. While this trend may be a bubble, they are here to stay.
NFTs, or non-fungible tokens, refer to pieces of digital content linked to the blockchain, the digital ledger system underpinning cryptocurrencies such as bitcoin and ethereum (ETH).
The other day, an artist by the name of Beeple, sold an NFT for $69M USD.
I went out for lunch recently and met someone that was pooling money between investors to invest in NFTs. They bought and flipped crypto punks. He has been making tens of thousands of dollars within days to weeks.
After that lunch, I started to get interested in how this whole world works.
Typically, expensive art can be a store of value for the ultra rich. They go to art shows, buy art, park their money, and years down the road someone else will buy it for more to store their money. This (of course), is for the truly valuable pieces of art. This wouldn’t work for a $20 painting off street.
NFTs are sort of democratizing good art collection. Allowing anyone to buy any art anywhere in the world. In some ways, this can help calculate the true value of art because it is measured in real-time on the internet amongst millions of people.
The person I met with recommended the platform, OpenSea.
I was ready to dive into the OpenSea and figure out how to purchase an NFT.
Let me be clear: a lot of NFTs will likely be worthless and I wanted to invest in something that I thought was unique. A piece of digital art where the artist had a vision to be apart of this NFT movement for the long haul. I wanted to get into an artist or art piece before it was a big deal.
So, after reaching out to my other friend that has his ear to the ground on this crypto stuff, I got word of JOY.
As I started to read through his Twitter and Instagram, I was mesmerized by this whole new art world he was creating!
JOYs typical pieces like the above were selling for thousands of dollars and I was looking for something a bit less expensive to start.
He had these cheaper JOY Toys that he recently launched. I decided to buy a few and to see how the whole process works.
I have no idea if Joy World will become of anything, but it still feels cool to by some limited edition art on the blockchain.
With that said, I think Joy World has some unreal creativity that I haven’t really seen before. He seems to have been working at this for years, even without external recognition which means he is simply committed to the craft.
My thesis is eventually he could create a whole augmented reality world with all of his virtual art pieces which one day could be incredibly valuable real estate to own in the virtual world.