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You will likely fall into two camps. Either you’ve recently heard about NFTs due to the sale of a digital artwork collage by Beeple for US$69m (third highest price paid for a piece of art by a living artist) and may not understand what exactly an NFT is, or you’ve never heard of an NFT. This episode of the Andreessen Horowitz podcast, one of the most iconic US venture capital firms, conducts a technical deep dive into NFTs and the applications for their use.
Typical currencies are fungible, hence you can exchange a A$100 note for another A$100 note and they are worth the same, i.e. there is no difference in value. What is a NFT? It stands for non-fungible token; a store of value which can’t be replicated; it is individual and unique. NFTs live on the blockchain, the decentralised general ledger which can’t be corrupted.
Where are we heading with NFTs? The possibilities are endless. Any piece of media on the internet could potentially be uniquely owned with its full history of ownership known and the creator can have a monetisation event every time it is used, bought or sold. The applications could be used for not only digital art but also games, songs, blog posts, newsletters, journals, investment research reports or even equities.
Important Information: This material has been prepared by NAOS Asset Management Limited (ABN 23 107 624 126, AFSL 273529) (NAOS) for general information purposes only and must not be construed as any form of recommendation or advice. Any views and opinions (including any political statements) in the podcasts that are referred to in this material are solely attributable to the author of the podcast and are not necessarily reflective of the views and opinions of NAOS. NAOS has no affiliation with the author of the podcast referred to herein and nothing contained in this material should be construed as granting by implication or otherwise, any license or right to use such third party content without the written permission of the owner.
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