With all of the uncertainty and volatility we’re seeing in the stock market these days — inflation, the Nasdaq snapback, etc. — Joy of the Trade’s Jeff Zananiri and I thought we’d touch on something that has us excited. There’s a new crypto that is sweeping the nation — even more than Bitcoin.
We’re talking about trading the NFT movement.
A non-fungible token (NFT) is an alternative form of cryptocurrency. Rather than a company using an outside crypto, it will create its own NFT — based on blockchain tech like Bitcoin — that can be used as payment.
For example, the biggest NFT right now is from the NBA. On the website, you can buy the rights to video trading cards using the crypto.
By trading your NFTs, you could own the rights to a clip of Lebron James doing a crazy dunk — in fact, one of these just sold for $200,000! Each clip is individually numbered and priced according to popularity, how cool it is, etc. It’s all the rage with kids these days. But here’s the best part:
Both the tokens and the clip appreciate in value. As the clip becomes more popular and the site expands, you could have a double whammy of increasing value.
For our readers that have been following, you’ll know we’re not big on certain trends like GameStop Corp. (NYSE: GME) and cryptos. We like to trade stocks and stick with what made us.
But we’re excited about the possibilities of the NFT movement. The NBA video cards are just the beginning. More and more companies are creating their own NFTs, and the technology of this is just beginning.
Who knows where it could lead us?
And one thing we’ve noticed is that GameStop is moving just like a crypto. Its volatility is insane but its movement is similar to how cryptos suddenly rise and fall.
People are looking at this company like it’s going to be the future of the video game industry, just like they believe cryptos are the future of currency.
And to some of us, that sounds crazy.
But we’ve got a big trading tip for you as technology advances and the world changes: Keep an open mind!
Check out the video below as I sit down with Jeff to discuss trading the NFT movement, the markets and more.
And as always, don’t forget to subscribe to my YouTube channel if you haven’t already so you can be notified as soon as I post my next video!