What makes a piece of digital artwork sell for $69.5 million dollars? Scarcity, an NFT and a story.
On this episode, Eric Forney and Michael Bounds discuss the rising emergence of NFTs, what they are, and how understanding them informs how you should be running your own business. They discuss the scarcity fundamentals that make NFTs so valuable and so trusted and how the story behind the digital artwork is what drives up it's price. They also explain the importance of an immutable public ledger as it pertains to creating indisputable value to certain items. Eric introduces the idea of digital real estate and how important it will be in the future for both advertising and creating entire businesses and experiences. They ultimately both agree that the popularity of NFTs should remind any business owner that it is their chief job to be the communicator of the story of their business.
