The newly formed investment firm expects to reach a valuation of just under $35 million.
A non-fungible token investment firm is gearing up to raise 10 million pounds ($13.7 million) by listing on the Aquis Stock Exchange Global Market, reports Reuters.
Dubbed NFT Investments, the firm was launched by the co-founders of crypto mining company Argo Blockchain.
Described as an investment vehicle for unique digital artworks, NFT Investments expects the float to result in a company valuation of 25 million pounds ($34.4 million).
The NFT market exploded at the turn of the year, with some digital artworks selling for as much as $70 million dollars in recent weeks. The industry as a whole has now witnessed over half a billion in total volume in a little over three months.
Non-fungible tokens differ from typical cryptocurrency tokens like Bitcoin (BTC) in that they are designed to be unique, and not interchangeable with other tokens of their ilk. This makes them useless as transactional currencies, but valuable as signifiers of sole ownership. To date, works from any number of popular and artistic mediums have been transferred onto the blockchain as NFTs, including but not limited to drawings, paintings, computer-generated art, music and GIFs.
However, not everybody believes the offshoot industry is here to stay in its current form. Noises coming from the mainstream media continue to warn of an impending bubble-burst, while popular figures from within the cryptocurrency space have expressed concern that NFT technology could become just another plaything of rich celebrities.
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Author: Greg Thomson