Oct 4 (Reuters) - A new NFT trading craze where names are bought and sold for eye-popping sums is providing a multi-million-dollar lifeline for speculators shivering in the bleak crypto winter.
"Domain" names such as coin.crypto (which has sold for $100,000) and beer.eth (which fetched $39,000) are a new breed of NFTs that owners can use to replace the jumble of 16 random numbers and letters that form their digital wallet addresses.
It might seem a lot of money for the crypto equivalent of a custom car plate, yet backers say these names could become valuable real estate in the years to come with the advent of Web3, a much-hyped vision of a future internet built on blockchain.
Right now the trading market for these alternative assets is providing rich - and risky - pickings for some investors who are scooping up buzzy domains with the aim of flipping them for a profit in the secondary market on NFT platforms like OpenSea.
"We have domain names starting at as little as $5, we've had...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...