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Latest Resource
March 27, 2024
Is HD Overbought?

Last quarter Home Depot (HD) cleared a low bar, besting […]

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The NFT (Non-Fungible Token) Hype is Real

March 11, 2021

The NFT (Non-Fungible Token) Hype is Real

NFTs or ‘Non-Fungible Tokens’ are a bizarrely logical evolution of the cryptocurrency craze. The same technology that bitcoin uses to guarantee authenticity and track ownership, AKA the blockchain, has been applied to unique pieces of digital art.

Although these NFTs lack inherent value, much like a trading card, their verifiable rarity makes gives them value to collectors.

The underlying mentions reveal just how massive this phenomenon has become in a short period of time. Over the past 90 days, consumer chatter relating to non-fungible tokens has risen by more than +1000% (!) on a 30d moving average. Today, a new record was set with an NFT fetching $60 million dollars at auction.

We’ll be watching this trend closely going forward, because there’s no guarantee that these scarce digital artifacts will maintain their value when less people care about them. Buyer beware!

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NFTs are Driving Blockchain Adoption

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About LikeFolio

LikeFolio analyzes social media data to accurately predict shifts in consumer behavior. We sell data and insights to professional investors, corporate research teams, and software providers.

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