It feels like every day, there’s a news story about the volatility and excitement of the stock market. With all the press swirling around, it can be easy to get caught up in the excitement and put money down on a risky decision without thinking it through. JR Bissell is working to provide his clients with an alternative to the risk of betting on the stock market by providing them with the very first NFT to be backed and redeemable by a physical artifact. With his company, Pirate Gold Coins, he has made 10 high end shipwreck treasure coins into NFTs to be sold.
With the increased spending seen in the market as people are dropping hundreds of thousands to acquire NFTs in the digital realm, it only seems natural to turn physical items, such as Bissell’s shipwreck treasure artifacts, into these NFTs. Prices have continued to skyrocket on what is considered digital artwork, without any physical backing to what the ownership represents. The issue, however, is that ownership of these items is easily influenced by trends following Twitter and Reddit.
When NFTs came to the forefront of the cryptocurrency world, Bissell wondered who was going to determine their prices as they moved forward to the future. Curious if NFT pricing would follow the same rules as the high end art market, with dealers and collectors following billionaire and oligarch taste, or if online message boards such as Reddit groups and Twitter trends would steer where the money flows.
On the flipside, collectibles are different. They do not come with highly fluctuating prices under the influence of the global market, and therefore an easier and less stress inducing investment for the consumer.
If the stability against the fluctuation of cryptocurrency and stocks wasn’t enough to turn the tide towards investing in physically backed NFTs, JR reminds his clients about the status and clout that follows owning a piece of shipwreck treasure.
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