It feels like every day, there’s a news story about the volatility and excitement of the stock market. With all the press swirling around, it can be easy to get caught up in the excitement and put money down on a risky decision without thinking it through. JR Bissell is working to provide his clients with an alternative to the risk of betting on the stock market by providing them with the very first NFT to be backed and redeemable by a physical artifact. With his company, Pirate Gold Coins, he has made 10 high end shipwreck treasure coins into NFTs to be sold.
“At any point in time, the NFTs can be sent back to be burned, and we are able to ship you the physical shipwreck coin. All NFTs are 1 on 1 representations, of course, because they claim ownership of the physical piece itself, ours are the first to be backed by physical items,” Bissell outlines.
With the increased spending seen in the market as people are dropping hundreds of thousands to acquire NFTs in the digital realm, it only seems natural to turn physical items, such as Bissell’s shipwreck treasure artifacts, into these NFTs. Prices have continued to skyrocket on what is considered digital artwork, without any physical backing to what the ownership represents. The issue, however, is that ownership of these items is easily influenced by trends following Twitter and Reddit.
“Stocks can influence our emotions everyday based on theoretical gains or losses. People will have a good or bad day based on their stocks positions even without ever selling them. The saying, “Only thing worse than being in the stock market is being married to someone in the market.” Until someone sells the stock, they never made or lost anything. However, their daily emotion is tied to their positions regardless of selling,” Bissell explains.
When NFTs came to the forefront of the cryptocurrency world, Bissell wondered who was going to determine their prices as they moved forward to the future. Curious if NFT pricing would follow the same rules as the high end art market, with dealers and collectors following billionaire and oligarch taste, or if online message boards such as Reddit groups and Twitter trends would steer where the money flows.
On the flipside, collectibles are different. They do not come with highly fluctuating prices under the influence of the global market, and therefore an easier and less stress inducing investment for the consumer.
“In this uncertain new market, I believe having these NFTs backed by a physical artifact such as shipwreck treasure will add significant stability to the piece in the form of a safety net. The NFT will always be worth at least the price of the physical artifact, which remains very stable. In addition, the population of shipwreck treasure compared to the volume of the cryptocurrency industry, where there’s tens of thousands from a single series like cryptopunks, are significantly rarer. The amount of shipwreck treasure will, for the most part, remain fixed indefinitely, which in turn, makes its value stable,” Bissell says.
If the stability against the fluctuation of cryptocurrency and stocks wasn’t enough to turn the tide towards investing in physically backed NFTs, JR reminds his clients about the status and clout that follows owning a piece of shipwreck treasure.
“Although it sounds funny, it’s still worth mentioning that owning a rare piece of our planet’s history is very exciting. It’s a great conversation piece with friends and family, or even potential new clients. Although owning a large share of stock in a company gives someone status, it’s not quite as glamorous and alluring of a status symbol as owning an original Monet or an ancient Egyptian artifact,” Bissell states.
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