Non-fungible tokens, or NFTs, are sweeping the globe. Used to track ownership of unique digital assets like music and art, many entrepreneurs have profited off them. Two have even become billionaires.
Meet Devin Finzer and Alex Atallah, the cofounders of New York City-based blockchain startup OpenSea and the world’s first NFT billionaires. Users of their peer-to-peer platform can create, buy and sell NFTs, while OpenSea takes a 2.5% cut of each sale. A recent funding round values the company at $13.3 billion—up from $1.5 billion just six months ago. Forbes estimates that the founders, who both have an 18.5% stake in the company, are worth about $2.2 billion a piece.
Kiat Lim, the son of Singaporean billionaire Peter Lim, has also gotten swept up in the NFT mania. Lim teamed up with Elroy Cheo—a scion of the family that owns edible oils firm Mewah International—to launch a private digital community called ARC. The app, which counts Asian entrepreneurs, venture capitalists, Web3 developers, cryptocurrency experts and social influencers among its members, uses NFTs to authenticate memberships.
What will be the next big thing in the NFT world? Only time will tell, but the possibilities are wide open for startups, entrepreneurs and small businesses.
FUBU CEO and Shark Tank TV personality Daymond John has been a seller throughout his career. His main product, his brand, is inspiration, and he’s on a mission to channel its efforts to support Black entrepreneurship.
Key quote: “I take a good portion of my day to pray, and I say an extra prayer when I go onstage. I’ve got to bust my ass to inspire people.” — Daymond John, CEO, FUBU
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