Should you invest in Poker NFTs?
Poker NFTs have become an exciting investment after the recent cryptocurrency boom. Entering the world of poker, should you invest?
Should you invest in Poker NFTs?
You’ve undoubtedly heard people talk about poker NFTs if you play traditional or live online poker regularly. While some of you may be quite familiar with the NFTs – the newest craze in the world of cryptocurrency – many others are just learning about them. We’ll discuss NFTs with you as we examine what they are; how they impact poker and whether you should invest in them. However, if you are anything like me just stick to playing and potentially winning $1 million is also a great idea.
Should I Invest in Poker NFTs?
Some people feel that NFTs will become a crucial component of how consumers interact with digital products on the internet in the future. In the same Time.com article, another one of the three experts, Laura Shin, stated how she feels about NFTs remaining.
There are lots of NFTs available as they can be nearly anything in the digital world. Music and drawings can be NFTs if they can be turned into AI. That said, the technology is being used to sell digital art across the NFT market. The founder of Twitter sold one of his early Tweets for nearly $3 million; showing that almost anything can be sold as an NFT if someone is willing to pay for it.
Despite their drawbacks, NFTs are still considered speculative investments. This makes them a digital commodity you should avoid spending money on if you can’t afford the NFT to depreciate in value. “Earth,” for example, an NFT created by well-known musician Grimes, dropped from $7,500 to $1,200
There are also worries about NFTs’ environmental effects. According to numerous news outlets, as well as financial investment sites such as The Verge and Investopedia, minting and selling an NFT uses a lot of energy, which might be derived from fossil fuel sources. The sale of one of Joanie Lemercier’s NFTs, which he created; consumed 8,7 megawatts of power (two years of supply for his whole studio) on its own. When the owner sold the NFT online, the same thing happened.
NFTs and Online Poker
The first reason for the current rise in popularity of NFTs among online poker players and companies is that they are not yet involved with online poker games and tournaments. However, there are two important reasons why interest in NFTs has increased in the gaming community and industry.
The first is simply bragging rights. Poker players with vast sums of money have purchased pricey NFTs like CryptoPunks to display to the world how much money they have. Poker players from all around the world spend nearly $500,000 on 8-bit profile CryptoPunk photos and other NFTs like Bored Apes.
The second is more industry-oriented, with businesses and individuals within the poker sector looking at how NFTs can be utilized. For instance, renowned poker player Tony G began selling his famous catch phrases as NFTs; while gaming companies are considering ideas such as in-game virtual avatars; and trading cards that are distinct and may improve the overall gaming experience.
It will be interesting to see whether these concepts become a reality in the poker business or if they’re simply a trend that will pass away.
What Are NFTs?
The acronym NFT refers to a token that represents a unique digital item and is abbreviated as a “non-fungible token“. NFTs are presently most often associated with photos; although they may also be used for other types of digital files, such as videos and music. Even though many famous pictures may be purchased for low or no cost; a painting is recognized as an individual work of art. The majority of NFTs are stored on the Ethereum blockchain (a blockchain is a type of decentralized digital ledger). Still, they should not be confused with Ether, the cryptocurrency associated with the same network.
The tremendous amount of money that some people have been paying to acquire an NFT or a portion of one has made headlines all around the world. A digital artist known as Pak, for example; recently sold an NFT called “The Merge” to a group of almost 30,000 collectors for $91.8 million. NFTs, on the other hand, can be used to sell anything. Many artists have welcomed NFTs as a means of selling their works, but there is nothing stopping someone from making a copy of the work, whether it’s an image, video, or audio file.