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9 Mar 2022

Econ Digest

Is it good to invest in NFT?


        NFT or Non-Fungible Token is one of the unique, rare/limited and irreplaceable digital assets. An owner can hold ownership of an NFT to show their ownership and can benefit from NFTs such as music, photos, paintings, cartoons or other artworks, including unique items in games. Ownership will be recorded on the blockchain and can be transparently verified. Nowadays, NFTs are of interest to the new generation of investors, who buy them due to personal preference or in anticipation of speculative gains. As NFT is a new form of digital asset for which it is difficult to calculate its intrinsic value, the transaction price usually depends on the subjective assessment of buyers and sellers and takes place in the form of an auction. Therefore, NFTs have become collector’s items for the wealthy. However, the NFT marketplace also provides opportunities for ordinary people with modest funds to sell various works that they have created or digital assets of a specific nature or form on a free-trading online platform or the NFT marketplace, becoming a new innovation that is closer to the world of the Metaverse.
        However, because NFT is an innovation, investors or the public may not have sufficient knowledge and understanding of it, resulting in investment losses due to various risks. These risks include being deceived into investing in a Ponzi scheme, theft of wallet coins, lack of transparency by a digital currency broker (also known as Exchange), and the reliability of the NFT marketplace, which is a foreign platform not regulated by the Thai SEC. Prospective investors should be cautious and carefully study the market conditions, including the various benefits in holding assets because the NFT market still needs time to prove the viability of real economic value. Currently, NFT has a market cap of just US$37.16 billion, representing only 2.1% of the US$1,734.49 billion cryptocurrency market.

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Econ Digest