NFTs: Fad or Future?
The technology behind NFTs is revolutionary because you can verify proof of ownership in our digital world on an immutable ledger, the blockchain. We're seeing the first iteration of this technology in the form of digital art.
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Some people are incredibly excited about NFTs and the value they offer, while others view them as a fad or even a scam.
Alex Su, Head of Community Development at Ironclad, recently hosted a lively debate with NFT newbie Leyla Seka (Ironclad’s COO), skeptic Chris Young (Ironclad’s GC), and subject matter expert Francesca Witzburg (Loza & Loza LLP Partner). They discussed the risks and rewards of NFTs as they relate to innovation, brand building opportunities, and wealth management.
Here are some takeaways from the conversation:
- Know your why. Evaluate your goals for investing in NFTs before you jump in.
- Do your research. Gain a basic understanding of crypto and NFTs. Francesca recommended watching YouTube videos to gain a foundation in the subject matter.
- Be open to new ideas. The technology behind NFTs is revolutionary, and its use can go beyond digital art.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.