SPOKANE, Wash. — If you’re one of the few who haven’t heard of cryptocurrency or NFT’s, consider yourself lucky.
Many are just now hearing about this new-fangled stock market and how it’s made some people rich. It is nearly impossible to browse social media now without seeing someone promoting a new cryptocurrency or NFT collection.
Cryptocurrency is basically a digital currency that fluctuates in a virtual stock market. People can convert their real money into a virtual form and invest it in different online markets.
It’s called cryptocurrency because all of its funds are encrypted, meaning it’s more secure. Since crypto is a private market, all of its currency is disconnected from banks and governments, making it a very unique form of payment.
The most popular form of cryptocurrency is Bitcoin. Bitcoin was the first cryptocurrency ever created and made many people into millionaires. Early bitcoin investors saw its market price skyrocket when it started gaining traction. Some bought one bitcoin for one dollar in 2011, whereas one bitcoin is worth about $37,000 now.
Now, many other cryptocurrencies are trying to mimic that Bitcoin boom. Ethereum is another form of crypto that has been taking off recently, mostly due to their introduction of NFT’s.
If you opened Twitter recently, you probably saw at least one person flexing their new NFT. Short for “non-fungible tokens,” NFT’s are a one-of-a-kind digital asset that people can only buy with Ethereum. The most common form of NFT’s is digital art, which sells for some ridiculous prices.
Celebrities are especially jumping on this new, expensive trend. Jimmy Fallon, Stephen Curry, and many more celebs purchased their NFT’s for hundreds of thousands of dollars. Jimmy Fallon’s NFT is valued over $200,000.
The most popular NFT’s right now are from Bored Ape Yacht Club, a digital artist that sells many colorful variations of the monkey you see above. You may be asking, why would anyone pay that much for some picture of an ape? Well, the buyers have their reasons.
The hope is that the value of NFT’s will rise over time, meaning those buying these online photos will be able to re-sell them at a higher value. But based on how the cryptocurrency market has been acting lately, NFTs could be a disaster waiting to happen.
The crypto market took a hard fall last week, with an estimated $1.4 trillion disappearing into thin air. Most cryptos are slowly climbing back, but it goes to show how unreliable the crypto market can be sometimes.
While some are cashing out now, others are holding in hopes of another spike. Some are putting their life savings into crypto, and only time will tell if their investments pay off.
While it has made some people millionaires, crypto newcomers could be in for a bitter surprise.
READ: ‘The New 63’ social house opening at old Rocky Rococo location
READ: ‘Very confident’: This is how the safety of state bridges in Washington is determined
COPYRIGHT 2022 BY KXLY. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
