EOTO PRESENTATION

THE NFT MARKETPLACE

    For my first EOTO presentation, I decided to research the evolution of cryptocurrencies in global society and the birth of NFT's. N-F-T is an acronym for non-fungible token, which is a collection of data that is spawned by smart contracts from developers that allow for users to make artistic content and make money on it on the free market. However, in order to fully understand the benefit of NFT's we need to look at the cause for a new monetary system. In 2008 when the recession plummeted the stock market, investors were looking for a way to take power out of big banks hands and place the control into the hands of the investment community. Traditional banks are known to be secure, but the various cryptocurrencies on the emerging blockchain are even more secure because every transaction is able to be tracked on the blockchain. The problem of hacking is almost nonexistent with NFT's due to this line of security features. The first major blockchain innovation was that of the popular Bitcoin currency. The benefit of Bitcoin was its ability to bypass all foreign exchange rates which allowed traders to deal at a faster rate. Bitcoin is currently valued at over $61K which is an all-time high since it's inception back in 2013. Since society is becoming more automated each day, people are more inclined to trade their money on their phone by using apps such as Coinbase, Robinhood, and Kraken. 

    The next big development of the blockchain was the cryptocurrency Ethereum. Ethereum was the decentralized form of currency that allowed developers to implement the smart contracts that are now known as NFT's. These digital assets are items that a users can buy with their cryptocurrency portfolios. The NFT world is currently dominated mostly by artists that want to ensure authenticity with an indestructible proof of ownership. One of the only downfalls to NFT's is their extreme volatility in the marketplace. When a user buys an NFT online, the price can either skyrocket or plummet which is risky for those who are seeking a long-term investment instead of owning a piece of art that interests them. However, these NFTs are listed on a marketplace that minimal or even no cut from the developer which is rare for this industry. 

Below is an NFT of Shawshank Redemption stars Andy Dufresne and Ellis "Red" Redding that currently sells for 1.3 Ethereum. That would currently be valued at $5,668. This is one of many examples of miscellaneous content that developers have made through NFT's. Also, the sporting world has begun to adapt to popularity of NFT's especially for the NBA and the UFC. There are several different individual plays from each NBA game that can sell online as an NFT. Depending on whether or not people think those moments aged well over time, the more I would anticipate the price going up. The UFC has also sold some of there fight card posters as an NFT as well. This is still an extremely new industry and there's so much more that can be done as far as creativity can go.