NFT Investments believes that there is great potential for the industry to “emerge globally”.
A newly founded non-fungible token (NFT) investment company is looking to make close to $14M (10 million pounds) by listing on the London-based niche Aquis Stock Exchange Global Market. The firm, aptly named NFT Investments, expects to attain a valuation of $35M from the listing.
NFT Investments was formed by co-founders of cryptocurrency firm Argo Blockchain Jonathan Bixby and Mike Edwards with crypto guru Mack Flavelle and Atari video game creator Nolan Bushnell on the advisory board.
NFTs have, in recent months, experienced heightened demand and popularity. 2021 started out as the year of the NFT with over $500M total industry volume in almost four months.
A source revealed that proceeds will go towards identifying possible future investments and serve as working capital.
Non-fungible tokens have been described as “a digital signature saved on blockchain ledgers that allow someone to verify the ownership and authenticity of items”.
Unlike regular cryptocurrency tokens, NFTs are one-of-a-kind and cannot be exchanged with similar tokens. As such, they cannot be used in transactions. NFTs of anything, from digital art to tweets, music and gaming cards have raked in millions of dollars so far. One of the most notable NFT sales is the “Everydays: The First 5,000 Days”, a collection of 5000 images by digital artist Beeple auctioned by Christie’s and fetching $69 milliom.
NFT Investments believes that there is great potential for the industry to “emerge globally and take market share from the current collectables industry”. The firm is also looking to invest either directly in NFTs or or in companies with an NFT and blockchain focus.
Despite the warm welcome, the tokens have received, skeptics believe the NFT industry is simply a fleeting trend. There have been concerns about the “uniqueness” of digital art and warnings of an “inevitable bubble burst”. Crypto purists have also expressed concern that NFTs could end up being little more than a temporary amusement for the rich.