Non-Fungible Tokens, popularly known as NFTs, are digital assets owned by the original creator. They are traded or exchanged at an NFT marketplace, and Non-fungible tokens hold unique properties that a single holder can only own at a time.
They can be traded in the marketplace for a particular Cryptocurrency like Bitcoin, Ethereum, or Solana. Non-fungible tokens are created digitally. The original creator retains the right to earn royalty as a passive income every time the NFT is sold or traded in the market.
Forbes Enters Metaverse With Its NFT Collection
A new entrant into the NFT marketplace has come up with Forbes announcing the launch of its Virtual Billionaires NFT collection. Forbes has decided to launch the NFT collection on FTX US, and it will consist of fictional investors who have investment portfolios linked to the real-time stock exchange price data.
Forbes will launch 100 NFT in the initial stage. The launch is scheduled for April 13, 2022; however, subscribers of Forbes will get early access to the NFT collection on April 11, 2022. Once the NFTs are all sold out, participants will be required to track the auction process on an ERC-721 marketplace.
Profile pages of the NFT collection feature headshots customized and designed by ItsACat and Goodog. NFT owners will get the privilege of getting their wallets listed by the name of the billionaire that they own as an NFT.
Different fictional investors will have different ETFs and New York Stock Exchange Securities that have been randomly selected. The prices will be displayed per the real-time data fetched to the platform.
Tristan Yver, the Head of Strategy at FTX US, commented on the launch of Forbes’ Virtual Billionaires NFT collection by saying that they were excited to partner with Forbes. Tristan Yver added that FTX US would continue to encourage innovation and the entry of more brands into the community of digital assets.
Vadim Supitskiy, the Chief Technology Officer at Forbes, called the launch of the Virtual Billionaires NFT collection an important step as it cements its place in the Metaverse. The launch of the NFT collection is also an important step for Forbes to enter Web3 technology.
Subscribers of Forbes will remain a priority for getting their hands on the collection. Forbes has briefly defined its NFT collection as a set of interactive collectibles that can be traded and authenticated on a blockchain.
The Virtual Billionaires NFT collection launch follows the Digital Assets and Web3 Summit that was inaugurated by Forbes last month on March 16, 2022. The event’s objective was to shape the conversations around NFT and Web3, with both of them being rapidly growing technology spaces.
Some of the key participants of the summit were Kathleen Breitman, a co-founder of Tezos, and Sam Bankman-Fried, the Founder of FTX. Both were present to talk about the future of Web3 and digital assets.