PARIS Hilton has reportedly jumped on the NFT bandwagon by buying a string of emojis.
The NFT trend has reached a new mind-melting peak as people are now buying emojis and turning them into non-fungible tokens.
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Bitcoin has helped create a new world of digital currencies and now attention is turning to the new trend of NFTs.
Cryptocurrencies are really collections of computer code but coins such as Bitcoin or Dogecoin have recognisable logos.
An NFT provides something different as it digitizes a piece of work such as art or music and turns it into a non-fungible token that is stored via blockchain.
That means it cannot be replicated and is unique to whoever owns it.
It turns out strings of emojis can be turned into NFTs and people like Paris Hilton and Lil Wayne want to buy them.
A ‘string of emojis’ just means a row of the cartoon images and they’re also being referred to as “Yats” by some early investors.
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Yats can set you back a few dollars to thousands of dollars depending on what emojis you want to buy.
Naveen Jain is the co-founder of Yat Labs, which sells the emoji strings.
Jain has reportedly made $20 million by selling Yats since February last year, according to The Wall Street Journal.
NFTs are a divisive subject as some people are splashing out millions on them whilst others are calling them a waste of money.
David Gerard, author of the book ‘Attack of the 50 Foot Blockchain’, told the Wall Street Journal: “I could say this NFT represents a string of initials, or this NFT represents my butt.
“It would be exactly as meaningful as turning a Yat into an NFT.”
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In other news, Tesla has revealed that it’s been holding Bitcoin worth $1.99billion since December 31, 2021.
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