NFTs: Everything Financial Professionals Need to Know

As a financial professional, you’ve definitely heard something about NFTs.?

Whether you’re convinced that they’re the future of financial investments, or you think they’re just an expensive way to buy graphic art, I’m sure they’ve been on your radar.?

And really, they should be.

But even if you know that NFTs are becoming something of a big deal in the crypto-world, do you actually know what they are??

You’re a woman in finance. It can be uncomfortable to admit it when something’s new to you. I totally get it. But I also know that it’s way better to learn about NFTs now, when you can still be ahead of the curve, than to wait for them to become commonplace.

So really: what is an NFT?

Lucky for me, I don’t have to explain NFTs alone. This week on Growing Your Financial Business…The Woman’s Way , Lee Richter told me everything women in finance need to know about NFTs, and where they’re headed. As an award-winning entrepreneur and NFT visionary, Lee has created her company, The Global Leaders Collective, to be a leading NFT project design and implementation group.?

There’s no one better than Lee to tell you about NFTs.

Nailing the Basics

NFT stands for “non-fungible token.” Doesn’t clarify much, right??

“Fungible” means an item with many identical units that carry the same value. A dollar, for instance, is a “fungible token.”

So a non-fungible token is the opposite of that. It’s a one-of-a-kind item with its own unique value, sort of like a piece of fine art, or a ticket to an event.?

But unlike a physical piece of art, which requires professional dealers to verify is the original piece and carries the value of a unique work of art, NFTs come with their own security to verify that they’re exactly what you’re paying for.?

Because NFTs have their own unique digital imprint on blockchain, ownership is incredibly secure. And since they’re all currently available on Ethereum cryptocurrency, transactions are smooth, with smart-contracts built-in.

If you’re buying a ticket to an event as an NFT, you no longer have to worry about scalpers artificially jacking up prices. With NFTs, there’s no need for middlemen.

You still might be asking yourself: why does it make any sense to buy NFTs, instead of just investing in a physical piece of art?

You have to remember that NFTs are only growing in value. And as they grow in popularity, so too will early NFTs grow in cost, and your ability to resell at major profits will likely increase.?

NFTs also really benefit the artist, even if their work sold for little initially, and then blew up. Many smart contracts include provisions so that a percentage of each resale of an NFT goes to the original artist, creating a real asset for each party involved.?

It’s really a win-win scenario.

So What Now?

If learning a little bit about NFTs has got you excited to go all in, you might be wondering what to do next. They can get expensive, so you definitely want to be prepared before you make your next move.?

In this episode, Lee gives out so much wonderful advice about how to learn more about NFTs and cryptocurrency with small investments. She gives her own fascinating? insights about the importance of smart contracts. And maybe most importantly, she reminds us to keep an abundance mindset while making major investments, and rounding the learning curve of a new financial tool.

Safe to say that this is the NFT crash course you need.

Are you ready to invest in NFTs? Let me know in the comments!