A token non-fungible investment firm is preparing to raise Â£ 10million ($ 13.7million) by listing on the global Aquis Stock Exchange, reports Reuters.
Dubbed NFT Investments, the company was started by the co-founders of crypto mining company Argo Blockchain.
Described as an investment vehicle for unique digital artwork, NFT Investments expects the float to result in a company valuation of 25 million pounds ($ 34.4 million).
The NFT market exploded earlier this year, with some digital artwork selling for up to $ 70 million in recent weeks. The industry as a whole has now recorded a total volume of over half a billion in just 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 proprietary signifiers. To date, works from a number of popular and artistic mediums have been transferred to the blockchain as NFT, including but not limited to drawings, paintings, artwork generated by computer, music and GIFs.
However, not everyone thinks the derivative industry is here to stay in its current form. Noises from the mainstream media continue to warn of an imminent bubble explosion, as popular figures in the cryptocurrency space have expressed concern that NFT technology may become just another toy. rich celebrities.