Is it worth investing in NFT? We appeal to experts

What is NFT?

– Says Maciej Kosuń, Tar Heel Capital Pathfinder Investment Specialist.

NFT (non-fungible token) is a digital certificate based on blockchain technology and confirms the origin and ownership of any digital product. This technology is widely used and will be used, because unchangeable tokens are one of the key elements of a larger phenomenon, namely web3, ie a new version of the Internet. We are just beginning to build both web3 products and the infrastructure needed for their development, but there is no doubt that NFT tokens will play a big role in this.

In practice, NFT acts as a certificate of authenticity of digital goods. So far, the most popular tokens used to confirm the authenticity of digital works of art (drawings, gifs, first editions of music albums, etc.). This trend has become so popular that many people equate the concept of NFT with art objects.

41 billion dollars

According to analyst firm Chainanalysis, this is the value that the global NFT market will achieve in 2021. It is only 9 billion less than the value of the global fine arts market.

Which oil exchanges are worth investing in? What should you pay attention to?

The OpenSea platform is the largest exchange, meaning that NFT is a secondary trading market. At present, about 95 percent of the events are held there. trade.

As with all other online transactions, the necessary research must be done when entering the NFT market. First of all, it is worth carefully examining the creators of the project that interests us. When buying NFT in the secondary market, make sure that the tokens come from approved collections and from a trusted owner. You should also pay attention to the security of your digital wallet, for example, do not allow it to interact with websites of unknown origin. Anyone new to the NFT market should spend enough time teaching and understanding the most important concepts related to web3 technology. We are on the verge of a revolution in this technology, but, unfortunately, there is room for abuse.

40.2 interest

This is the total annual growth rate of the oil market in 2022, according to an analysis by ResearchAndMarkets.com.

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What are the dangers for users who are just starting their market adventure?

– Filip Lachowski, President of Wealth Seed, an investment company, answers.

First of all, high investment risk. Therefore, we should not invest more in these assets than we can lose. This risk, among others, is dictated by market dynamics today, which are largely based on speculators’ supply and demand, and more fundamental uncertainty about the future of these asset classes. Although we can say with confidence that cryptocurrencies, NFT tokens or blockchain networks in general can have a significant impact on the financial world, it is still unknown how this technology will be used in the long run. Thus, each individual project / token is loaded with high risk.

Risks other than investment risks are mainly the risk of fraud and theft by hackers, including fraudulent cryptocurrency exchange operators or other types of cryptocurrency projects. You should always keep in mind that there is simply a “regulatory” risk, which can range from banning the creation / continuation of cryptocurrency projects in certain countries and to having any or special tokens.

What awaits the NFT and cryptocurrency markets in terms of regulation?

Opinions about legislative changes in the world of crypto / oil are very different, and here the market will probably never speak with one voice. On the one hand, there is the voice of people who view cryptocurrencies / NFTs as systems that are completely independent of traditional infrastructure, governments and regulations. For these people, any rule means undesirable interference. On the other hand, there are voices of people hoping for limited regulations that will increase confidence in these active classes and ultimately have a positive impact on their perception and development and reduce the possibility of various types of fraud.

Regulators around the world take very different approaches. On the one hand, investing in cryptocurrencies is very limited in some places. On the other hand, Panama is the first country to hold an official tender for BTC and intend to issue bonds on BTC.

What is the position of the Polish Financial Supervision Agency?

– Jacek Barszczewski from the Polish Financial Supervision Agency answers.

We do not control the widely understood cryptocurrency market (including cryptocurrencies, DeFi, NFT). We are also not equipped with tools to help the wounded who have lost their financial opportunities in this market. Given the nature and specificity of NFT, where tokens, for example, confirm ownership of a particular business, the PFSA does not have the authority to control this market. Monitoring of the activities of entities in this area is mainly related to potential violations of financial market rules, such as the provision of payment services without the required permission.

Through various awareness and information campaigns, the UKNF has repeatedly highlighted the many risks associated with the acquisition of cryptocurrencies, such as the high volatility of their value or use in the process of money laundering or terrorist financing. We have also talked many times about the need for customers to have full knowledge and information about what they are actually buying. The oil market has been developing intensively for about a year. People who invest in this market should know that it is a new market and does not in itself provide success or great profits. In addition, entities that supply or trade NFTs are often located outside of Poland, mainly in “exotic” locations, which effectively limits or prevents the affected parties from continuing their possible claims.

As the risk of fraud in the oil sector is similar to that in the cryptocurrency market, the position expressed by the Polish Financial Supervision Authority in the warning on the risks associated with the acquisition and trading of crypto assets (including virtual) from early 2021. currencies and cryptocurrencies). For example, we have very limited mechanisms to protect against the loss of money, the deliberate fraudulent activities of token issuers, failure to provide all information about them, and so on. We note the high risk of resulting violations.

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