March 23, 2021
NFTs – or non-fungible assets – have been making waves in the investing world after digital artist Beeple sold his Everydays: The First 5,000 Days artwork for an eye watering $69.3 million at a recent Christie’s auction. There’s no arguing that alternative investments, such as collectables like cars, antiques, autographs and long-lost letters penned by the rich and famous, have been around for a long time.
But would you be willing to pay $2.5 million on Twitter founder Jack Dorsey’s first tweet, or what about $400,000 for a piece of video art that lasts less than a minute? And let’s not forget – we can already view these on the internet for free. But what exactly are NFTs? What makes them valuable and are they an asset class worthy of our attention?
Host Felicity Glover, the Personal Finance Editor at The National, is joined by NFT expert Devesh Mamtani, the chief market strategist at Century Financial in Dubai.