Nothing is hotter in the world of investing right now than NFT’s. You’ve probably heard some chatter about them online and from friends but if you’re unsure what they are NFT’s combine blockchain technology and collectables in one hard to understand financial instrument that is most likely the future of losing money.
NFT stands for non-fungible token and is all the rage from digital blockchain art to the scorching hot NBA Top Shot blockchain basketball cards. We reached out to Kyle Norman who started investing in Top Shot a few weeks ago to get more information.
“NBA Top Shot has been one of the smoothest money losing processes I’ve ever encountered,” said Norman. They let you buy these moments with your credit card. No dealing with annoying crypto currencies or anything like that. And then right when you buy most of them the prices drop. Sometimes you’ll get lucky and get a pack where you can make a bit of money. I’d say the best comparison is probably Beanie Babies if you remember those. The way I got rinsed on those was one for the ages.”
It’s unclear why Norman speaks so favorably about losing money but a little investigation shows he’s been an active member of Wallstreetbets for over 2 years now and enjoys the karma from loss porn posts.