NFT and bitcoin have things in common

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Christian Ng, head of Hong Kong-based blockchain development company GBV Capital, spoke about his attitude towards investing in non-fungible tokens (NFTs). He believes that NFT and bitcoin have a lot in common.

Link between the first cryptocurrency and NFT
Christian Ng shared his thoughts on digital art, investing in NFT and bitcoin in an interview with The Millennial Source. He said the similarity of bitcoin and NFT lies in creating a community of people with similar views. Ng called bitcoin the first “NFT” because currencies can be considered unique compared to regular money. People who own even a small amount of BTC feel like part of the community.

According to expert, there are three main factors that are fueling the development of NFT industry. First of all, it’s traditional art. Artists are starting to actively explore the possibility of digitizing their works. Widespread demand for video games and the development of the concept of the metaverse are also playing an important role in the spread of NFT, Ng believes.

An NFT is an art purchase, not an investment
However, Ng cautions users to be prepared for a possible loss of funds. Therefore, he recommends that investing in NFT be viewed as a normal purchase of works of art. Even in the worst-case scenario, users will keep works of art in digital form. Ng also spoke about his own experience investing in NFT.

“I bought two NFTs for about $ 200 for my birthday. A lot of people thought I went crazy spending $ 400 on JPEG images. I acquired them for fun, I liked these works of art and I observed the development of the community. These investments paid off and I sold one of these collectible tokens for $ 100,000, “said the head of GBV Capital.

He pointed out that any NFT issuer is interested in the success of their token and that the team behind its development can be really passionate about an idea. At the same time, we don’t know what might happen in the future. It is likely that there may be a new token, which will have many applications, Ng added.

another boom occurred in the NFT world. A virtual plot of land in the NFT Axie Infinity game has been sold for a record 550 ETH. Representatives of the project said it was the largest such acquisition in history.