NFT Information

Is I Got It a #1 NBA draft pick? Is I Got It a one-year teenage wonder with a lot of potential? Or a college senior with talent AND experience? To help you better understand this area, and to make a better investment decision regarding I Got It (IGI), we have collated articles and videos to explain why this is potentially a promising investment space.
Non-Fungible Tokens (NFTs) seem to have exploded this year, even though NFTs have been in existence for about 5 years. NFTs are in the news daily as they are becoming an increasingly fashionable way to buy and sell digital assets such as artwork, music, and sports memorabilia. But are NFTs worth the publicity-or the money? Is this another bubble, or an investing trend that is here to stay?

Definition of an NFT
Non-fungible tokens (NFTs) are cryptographic (also known as crypto) assets on a blockchain, with unique identification codes and metadata that distinguish them from each other. An NFT is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. Read more. (Investopedia) (Forbes Advisor)

What is the difference between Fungible and Non-Fungible Assets?
Fungible assets means any assets, other than money, which are interchangeable for commercial purposes and the properties of which are essentially identical. (Law Insider). 
•    Fungibility refers to an asset’s ability to be exchanged for something else of equal value. 
•    Some examples of fungible assets include currencies, commodities, and precious stones.
•    Non-fungible assets are unique, requiring much more complex valuation before a sale and include things like real estate, art, and sports cards.

Fungible vs. non-fungible
The key difference in fungible versus non-fungible assets can be found in how they’re exchanged and traded. While fungible assets can be sold in different forms and exchanges, a non-fungible asset may require a little more time and care to be sold.
For example: Let’s say you’re trying to sell a diamond ring. If it were a fungible good, you’d be able to sell either the diamond and metal separately — or both together — at an agreed upon price at multiple vendors for equal value. 
However, the ultimate value of the diamond ring is based on several criteria, including the clarity of the diamond, how the diamond is cut, and what kind of metal the ring is made of. Therefore, the price you would get from a pawn shop may be different than from a jewelry store. Because each diamond ring is unique, it is a non-fungible item. Read More

So What is an NFT?
NFTs are a digitized version of a physical object, representing real-world objects such as music, sports memorabilia, art, and in-game experiences, and can easily be purchased and sold online. They use blockchain technology (similar to cryptocurrency) to identify and protect the digital asset, protecting the digitized asset from being copied, or stolen, as the owner of the NFT is recorded in the blockchain. 
•    NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
•    NFTs can be used to represent real-world items like artwork and real-estate.
•    "Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud. 
•    NFTs can also be used to represent peoples identities, property rights, and more.
As Investopedia explains,
” Like physical money, cryptocurrencies are fungible i.e., they can be traded or exchanged, one for another. For example, one Bitcoin is always equal in value to another Bitcoin. Similarly, a single unit of Ether is always equal to another unit. This fungibility characteristic makes cryptocurrencies suitable for use as a secure medium of transaction in the digital economy. “
NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to “breed” a third, unique NFT.”

Funny Saturday Night Live Skit Explaining NFTs
Saturday Night Live provides a humorous, but an educational introduction to NFTs. And the closed caption actually allows everyone to understand what they are saying! (as the moderator so succinctly states, “I don’t understand a word you are saying.”  NFTs - SNL - YouTube

Articles
•    This is a good overview of cryptocurrencies, and includes mention of NFTs. -CFA Institute Brief
•    Cointelegraphs site for NFT's for beginners. 
•    The four types of crypto assets; a blockchain taxonomy. -Tradimo
•    Should you get into crypto? Early investors share regrets, opportunities, advice in this cryptocurrency article in the Morning Brew-26 Minute Read
•    GaryVee Wants to Make You Rich ... Again. How Gary Vaynerchuk, the brash pioneer of social-media-optimized self-promotion and brand building, is reinventing himself to sell NFTs and empathy. -Inc. 
•    2.4 Million People Jumped on Coinbase’s NFT Waitlist-Brownstone Research

Videos
•    NFTs Are Fueling a Boom in Digital Art. Here’s How They Work | Wall Street Journal