How do NFTs differ from cryptocurrencies?

Cryptocurrencies and NFTs, while both residing on blockchains, serve fundamentally different purposes. Cryptos, like Bitcoin or Ethereum, function as digital currencies – mediums of exchange with inherent value fluctuating based on market forces of supply and demand. Their primary utility is transactional; facilitating peer-to-peer transfers and acting as a store of value (though volatility is a significant consideration).

NFTs, or Non-Fungible Tokens, are unique, non-interchangeable digital assets. Think of them as digital certificates of authenticity, verifying ownership of a specific digital or physical item. This uniqueness distinguishes them sharply from cryptocurrencies. While some NFTs might appreciate in value, their core function isn’t transactional like crypto. Their value is derived from scarcity, utility (in-game items, membership access), and perceived artistic or cultural merit.

Key Differences Summarized:

Fungibility: Cryptocurrencies are fungible (interchangeable; one Bitcoin is equivalent to another). NFTs are non-fungible (unique and irreplaceable).
Primary Use Case: Cryptocurrencies are used for transactions and as a store of value. NFTs represent ownership of a specific asset.
Value Drivers: Cryptocurrency value is driven by market demand and utility. NFT value is driven by scarcity, utility, and perceived value.
Liquidity: Cryptocurrencies generally enjoy higher liquidity than most NFTs, though this varies greatly depending on the specific NFT.

Investing Considerations: The NFT market is significantly more volatile and speculative than the established cryptocurrency market. Due diligence and a thorough understanding of the project and its underlying utility are crucial before investing in NFTs. Market manipulation and pump-and-dump schemes are unfortunately prevalent.

Thoroughly research the project’s team, roadmap, and community.
Assess the underlying asset’s utility and long-term value proposition.
Diversify your NFT portfolio to mitigate risk.
Be wary of hype and FOMO (fear of missing out).

What is the benefit of having an NFT?

One key advantage of NFTs lies in their ability to streamline property assignment to specific funds. This is facilitated by their blockchain-based nature, which provides a transparent and immutable record of ownership. This eliminates the need for intermediaries, significantly reducing administrative overhead and potential for disputes.

NFTs offer the potential for truly decentralized and open ownership structures. Imagine a fund where ownership is fractionalized and distributed amongst many participants, each represented by an NFT. This allows for significantly improved transparency and liquidity compared to traditional methods of fund ownership. Every transaction is recorded on the blockchain, creating a publicly auditable trail.

The absence of a third-party intermediary is a significant benefit. This reduces costs associated with administration, verification, and dispute resolution. Ownership is inherently verifiable through the blockchain, eliminating the need for cumbersome and potentially unreliable documentation.

Beyond simple asset transfer, NFTs unlock new possibilities for managing complex financial instruments. They can represent shares in a company, intellectual property rights, or even fractional ownership of real estate, all with the inherent security and transparency of the blockchain. The programmable nature of NFTs also allows for the creation of sophisticated ownership rules and automated processes, further enhancing efficiency and security.

The inherent immutability of blockchain technology ensures that the ownership history of an NFT is permanently recorded and easily verifiable. This creates a trusted record, reducing the risk of fraud and disputes, especially beneficial in situations involving high-value assets or complex ownership structures. The self-executing nature of smart contracts, integrated with NFTs, can automate distribution of profits, dividends, or other benefits based on predefined conditions.

However, it’s crucial to understand that the legal framework surrounding NFTs is still evolving. While the technology offers exciting possibilities, regulatory clarity is essential for widespread adoption and to mitigate potential legal issues.

Are NFTs considered cryptocurrency?

Imagine cryptocurrency like digital money. It’s a token on a blockchain representing a certain value, like a dollar or euro, but digital. You can buy things with it, and its value can go up or down.

NFTs, or Non-Fungible Tokens, are different. While also tokens on a blockchain, they represent ownership of something *unique*. Think of it like a digital certificate of authenticity for a piece of art, a collectible item, or even a tweet. You can’t exchange one NFT for another easily like you can with cryptocurrency because each one is unique.

Both are stored and traded on a blockchain, a public digital ledger that records all transactions, making them transparent and secure. You can buy and sell both cryptocurrencies and NFTs, but they serve completely different purposes. Cryptocurrencies are for exchanging value, while NFTs prove ownership of a specific digital or even physical asset.

A key difference is fungibility: cryptocurrencies are fungible (one Bitcoin is the same as another), while NFTs are non-fungible (each NFT is one-of-a-kind).

What does an NFT actually get you?

An NFT grants verifiable ownership of a unique digital asset, recorded immutably on a blockchain. This isn’t just a digital copy; it’s a token representing exclusive rights. The blockchain record provides provenance, proving authenticity and ownership history. This allows for fractional ownership, enabling multiple parties to share ownership of a single NFT. Furthermore, smart contracts embedded within some NFTs can trigger automatic payments to the owner upon resale (royalties) or grant access to exclusive communities and content. The “digital item” can be anything from artwork and collectibles to virtual real estate in metaverses or in-game items with unique properties. The value is derived from scarcity, community perception, and utility defined by the creator. While the underlying asset might be easily replicated, the NFT itself represents the verified, unique token on the blockchain granting its holder specific rights and potentially future financial benefits.

Can an NFT be transferred to real money?

Absolutely. NFTs are fungible assets; their value is entirely market-driven. Think of it like art – a Monet might fetch millions, a student’s drawing, pennies. The same applies to NFTs. Their price is determined by supply, demand, utility (does it grant access, membership, or royalties?), and the hype surrounding the project. Liquidity is key; some NFTs trade easily on established marketplaces, others are illiquid and hard to sell. You need to consider both the project’s long-term potential and the current market sentiment to make informed decisions. Don’t get caught up in short-term pump-and-dump schemes – focus on underlying value and community engagement. Always thoroughly research any NFT before investing, and never invest more than you can afford to lose.

Which is better NFT or crypto?

The core distinction between NFTs and cryptocurrencies lies in fungibility. Cryptocurrencies, like Bitcoin or Ethereum, are fungible; one unit is identical to another. This fungibility is crucial for their function as a medium of exchange. In contrast, NFTs are non-fungible tokens, each representing a unique digital or physical asset. This uniqueness is encoded on the blockchain, ensuring verifiable provenance and ownership.

While cryptocurrencies primarily serve as digital money or store of value, NFTs extend beyond this, representing ownership of digital art, collectibles, in-game items, domain names, and even fractionalized ownership of real-world assets. This opens possibilities beyond simple monetary transactions.

Furthermore, the utility of NFTs often extends beyond mere ownership. Many projects incorporate utility features such as access to exclusive communities, events, or content tied to the NFT. This “utility” aspect can significantly impact an NFT’s value.

Technically, NFTs are often built on top of existing cryptocurrency networks, utilizing their blockchain infrastructure for security and transparency. Ethereum has been the dominant platform for NFTs, although other blockchains are gaining traction due to lower transaction fees and improved scalability.

It’s also important to note the inherent volatility of both NFTs and cryptocurrencies. Their values are subject to market forces and speculation, making investment decisions inherently risky. While cryptocurrencies are primarily valued for their potential as a store of value or medium of exchange, NFT value is driven by a complex interplay of factors including scarcity, utility, community perception, and the artist’s reputation (for art-based NFTs).

Finally, the environmental impact of both NFTs and cryptocurrencies should be considered. The energy consumption associated with blockchain technology is a significant concern, and the choice of blockchain network impacts this significantly. Projects are actively working on improving the energy efficiency of these systems.

Do you have to tell the IRS about crypto?

Yes, the IRS considers cryptocurrency and NFTs taxable assets. You’re required to report any gains or losses resulting from their sale, exchange, or use to acquire goods or services. This includes:

Capital Gains/Losses: Profit (or loss) from selling crypto for fiat currency or other cryptocurrencies is a capital gain (or loss) and is taxed at either short-term or long-term rates depending on how long you held the asset.
Mining Income: Cryptocurrency mined is considered taxable income at its fair market value on the date it’s received.
Staking Rewards: Rewards earned through staking are considered taxable income.
AirDrops & Forks: Receiving airdrops or participating in hard forks resulting in new tokens is treated as taxable income.
NFT Sales: Profits from selling NFTs are also subject to capital gains tax.

Important Considerations:

Cost Basis: Accurately tracking your cost basis (the original purchase price plus any fees) for each cryptocurrency transaction is crucial for calculating your capital gains or losses.
Wash Sales Rule: Be mindful of the wash sale rule, which prevents you from deducting losses if you repurchase substantially identical assets within 30 days.
Record Keeping: Maintain detailed records of all your crypto transactions, including dates, amounts, and exchange rates. This is vital for accurate tax reporting and to support your claims in case of an audit.
Tax Software/Professional Advice: Using specialized tax software designed for cryptocurrency transactions or consulting with a tax professional experienced in crypto taxation is highly recommended.

Failure to report crypto transactions can result in significant penalties from the IRS.

What is an example of an NFT?

NFTs, or Non-Fungible Tokens, are unique digital assets representing ownership of a specific item. Think of them as digital certificates of authenticity verifiable on a blockchain. This uniqueness is what distinguishes them from fungible assets like cryptocurrencies (where one Bitcoin is identical to another).

Examples go far beyond simple JPEGs:

Digital Art: This is the most widely recognized category, encompassing everything from static images to generative art and even interactive experiences. Consider the value proposition: scarcity drives price, and owning a piece of digital art with proven provenance can be a lucrative investment.
Collectibles: Think digital trading cards, virtual real estate in the metaverse, or in-game items with unique attributes. Rarity and community demand are key factors in their value.
Music & Media: NFTs can represent ownership of a song, a video clip, or even a unique piece of audio. This allows artists to directly monetize their work and engage with fans in new ways. The potential for royalties on secondary sales is a significant advantage.
Utility NFTs (NFTs with added functionality): Access to exclusive events, memberships, or even real-world benefits. The utility increases the value and demand beyond simple ownership.
Metaverse Assets: Virtual land, avatars, and other digital goods within virtual worlds are prime examples. The increasing popularity of the metaverse drives significant demand and potential value appreciation.

Investing in NFTs requires due diligence: Research the project’s team, community engagement, and utility. Understand the market dynamics and be aware of the inherent volatility. Don’t just chase hype – look for long-term potential and understand the underlying technology.

Project Whitepaper: Thoroughly review the project’s whitepaper to understand its goals, roadmap, and tokenomics.
Community Engagement: A strong and active community is a positive indicator of project longevity.
Market Trends: Stay updated on market trends and understand the factors that drive NFT prices.

What exactly is an NFT in simple terms?

NFTs, or Non-Fungible Tokens, are unique digital assets verified on a blockchain. Think of them as digital certificates of ownership for anything from art and music to virtual real estate and in-game items. This uniqueness is crucial; unlike cryptocurrencies which are fungible (interchangeable), each NFT is distinct. This scarcity drives value. You’re not just buying a file; you’re acquiring verifiable proof of ownership, often including associated metadata, such as artist provenance or future utility. This verifiable scarcity is what makes NFTs potentially valuable.

The market is volatile, heavily influenced by hype and speculation. Due diligence is paramount before investing. Understanding the underlying technology, the project’s roadmap, and the community surrounding it is vital. Consider factors like artist reputation, utility beyond mere ownership (access to exclusive events, community perks, etc.), and the overall market sentiment. Successful NFT investments often hinge on identifying projects with strong communities and long-term utility, mitigating the risks inherent in the highly speculative nature of this asset class.

Remember: Owning an NFT doesn’t always grant copyright or intellectual property rights; always check the terms and conditions carefully. You’re owning a token representing ownership, not necessarily the underlying asset’s intellectual property itself.

Do I have to pay taxes on crypto?

Crypto taxation? It’s a jungle out there, but let’s cut through the BS. The IRS views your crypto as property, not currency. This means every trade – buy, sell, swap, even staking rewards – is a taxable event. That’s right, even if you’re just moving your coins around on different exchanges, you might be triggering a tax liability.

Capital Gains/Losses: This is the big one. Sold Bitcoin at a profit? That’s a capital gain, taxed at your ordinary income rate, potentially even higher depending on your holding period (long-term vs. short-term). Took a bath on Dogecoin? That’s a capital loss, potentially offsetting gains. Keep meticulous records!

Ordinary Income: Earned crypto through mining, airdrops, or providing services? That’s taxed as ordinary income – the same as your salary. Don’t get caught off guard; the IRS will be watching.

Wash Sales Don’t Apply: Unlike traditional stocks, wash-sale rules *don’t* apply to crypto. This means you can sell a crypto at a loss and immediately buy it back without tax implications (though you still need to report both transactions).
Gifting Crypto: Gifting crypto is considered a taxable event for *both* the giver and the receiver. The giver is taxed on the appreciation of the asset since acquisition, the receiver pays taxes on any future gains.
Record Keeping is Paramount: Track every transaction, meticulously. Use a dedicated crypto tax software. The IRS is increasingly scrutinizing crypto activity, so don’t become a statistic.
Consult a Tax Professional: Crypto tax laws are complex. A tax professional specializing in digital assets is an invaluable asset. Don’t try to navigate this alone.

The bottom line: Ignorance is not bliss. Understand the tax implications of your crypto activity, or face the consequences. It’s your responsibility, not the IRS’s to properly report.

Can I convert NFT to cash?

Converting your NFT to cash involves a two-step process. First, you need to sell your NFT on a marketplace like OpenSea, Rarible, or Foundation. This will earn you cryptocurrency, typically Ethereum or another blockchain’s native token, depending on where your NFT is hosted. The price you receive will depend on market demand and the rarity of your NFT.

Second, you’ll need to convert this cryptocurrency into fiat currency (like USD, EUR, etc.). To do this, you’ll transfer your crypto from your digital wallet (like MetaMask or Trust Wallet) to an account you hold on a cryptocurrency exchange. Popular choices include Coinbase, Binance, Kraken, and Crypto.com. Each exchange has its own fees and processes, so it’s wise to compare them before choosing one.

Remember to factor in transaction fees for both selling your NFT and transferring the crypto. These fees can vary significantly depending on the network congestion (gas fees on Ethereum can be particularly high). It’s also important to note that cryptocurrency values fluctuate constantly, so the amount of fiat currency you receive can differ from the cryptocurrency value at the time of the NFT sale.

Security is paramount. Only use reputable exchanges and wallets, and always enable two-factor authentication. Never share your private keys or seed phrases with anyone. Consider using a hardware wallet for added security, especially for larger holdings.

Once your cryptocurrency is in your exchange account, you can typically withdraw it to your linked bank account. The time this takes depends on the exchange and your bank’s processing times. Be aware of potential withdrawal limits imposed by the exchange.

Finally, consider tax implications. The sale of your NFT and subsequent conversion to fiat currency are likely taxable events in most jurisdictions. Consult a tax professional for advice on reporting your cryptocurrency transactions.

Do you have to report crypto under $600?

No, the $600 threshold often cited relates to reporting requirements by certain exchanges, not your overall tax liability. You’re responsible for reporting *all* cryptocurrency transactions resulting in profit, irrespective of the individual transaction size. The IRS considers crypto as property, meaning gains are taxed as capital gains – short-term or long-term depending on how long you held the asset. This means meticulously tracking every purchase, sale, and trade is crucial. Software designed for crypto tax reporting can greatly assist in this process, helping to accurately calculate your capital gains and losses, avoiding potential penalties. Failure to report crypto profits, regardless of amount, can lead to significant tax implications and even legal consequences. Consider consulting a tax professional specializing in cryptocurrency to ensure compliance.

Furthermore, be aware of wash sales, which might affect your ability to deduct losses. Understanding the tax implications of staking, airdrops, and DeFi activities is also essential. These often have specific tax treatment, differing from simple buy/sell transactions.

Is crypto a good investment?

Cryptocurrency is a high-risk, high-reward asset class. Its volatility is legendary; massive price swings are the norm, not the exception. This inherent instability means significant potential for both substantial gains and devastating losses in short timeframes.

Understanding the Risks:

Market Manipulation: Crypto markets are relatively young and susceptible to manipulation by large holders or coordinated efforts.
Regulatory Uncertainty: Governmental regulations regarding cryptocurrencies are still evolving and vary widely across jurisdictions, creating uncertainty and potential legal risks.
Security Risks: Exchanges and individual wallets are vulnerable to hacking and theft. Due diligence in choosing secure platforms and employing robust security practices is crucial.
Technological Risks: The underlying technology of many cryptocurrencies is constantly evolving. Hard forks, upgrades, and unforeseen technical issues can impact value and functionality.

Considering the Potential:

Decentralization: Cryptocurrencies offer a potential pathway towards a more decentralized financial system, reducing reliance on traditional intermediaries.
Innovation: The crypto space is a breeding ground for innovation, with new projects and technologies constantly emerging.
Potential for High Returns: Despite the risks, the potential for substantial returns remains a key driver for investment.

Disclaimer: This information is for educational purposes only and does not constitute financial advice. Thoroughly research any cryptocurrency before investing, and only invest what you can afford to lose.

Is cryptocurrency real money?

Cryptocurrencies are digital assets, not inherently “real money” in the traditional sense. They lack intrinsic value and aren’t backed by a government or central bank. Their value is entirely derived from market sentiment and speculation.

Key characteristics impacting their value:

Supply and Demand: Like any asset, price fluctuates wildly based on market forces. Scarcity (limited supply) is a crucial driver, particularly for cryptocurrencies with capped issuance.
Adoption and Usage: Increased adoption by businesses and individuals boosts demand and price. Network effects are powerful in this space.
Technological Developments: Upgrades, new features, and wider ecosystem growth influence the perception and hence value of a cryptocurrency.
Regulatory Landscape: Government regulations and legal frameworks significantly affect market confidence and price stability.
Market Sentiment and News: News events, social media trends, and overall market sentiment can cause dramatic short-term price swings.

Understanding the Risks:

Volatility: Extreme price swings are common, leading to significant potential losses. This high volatility is a defining feature of the crypto market.
Security Risks: Cryptocurrencies are susceptible to hacking, theft, and scams. Proper security measures (strong passwords, hardware wallets) are essential.
Regulatory Uncertainty: The regulatory landscape is still evolving, creating uncertainty and potential risks for investors.
Market Manipulation: The relatively smaller market cap compared to traditional markets makes cryptocurrencies susceptible to manipulation by large players.

In short: While they function as a medium of exchange, their value is entirely speculative. Treat cryptocurrencies as a high-risk, high-reward asset class requiring thorough due diligence and risk management.

What is the best thing to invest in right now?

The “best” investment is always context-dependent, varying with individual risk tolerance, time horizon, and financial goals. However, considering the current market environment, several options merit consideration. High-yield savings accounts offer readily accessible liquidity and competitive interest rates, though returns lag inflation. Certificates of deposit (CDs) provide slightly higher yields with fixed terms, sacrificing liquidity. Government bonds, while considered low-risk, offer modest returns and are susceptible to interest rate risk; longer-term bonds are more sensitive. Corporate bonds, offering potentially higher yields, introduce greater default risk, demanding careful issuer due diligence. Money market funds, similar to savings accounts, provide stability and easy access, while mutual and index funds provide diversified exposure to equities and bonds, with varying levels of risk and potential reward depending on the specific fund’s strategy and holdings. Consider index funds for broad market exposure and lower management fees. Diversification across asset classes is crucial to mitigate risk. Remember to factor in your individual circumstances and consult a financial advisor before making any investment decisions.

Beyond these, consider alternatives like real estate (long-term, illiquid, potential for appreciation and rental income, but requires significant capital and expertise), precious metals (gold, silver, etc., act as inflation hedges but can be volatile), and alternative investments (private equity, hedge funds, etc., carry high risk and typically require substantial capital and sophisticated knowledge). Thorough research and understanding of your risk tolerance is paramount before venturing into any of these higher-risk options. Market conditions change rapidly; regular portfolio review and rebalancing are essential. Past performance is not indicative of future results.

Is NFT money real?

NFTs aren’t “money” in the traditional sense; they’re unique digital assets representing ownership of something. Think of them as digital deeds, verifiable on a blockchain, proving you own a specific piece of digital or physical property. This property could be anything from digital art and collectibles to event tickets or even real-world items linked to their digital twin.

The value of an NFT is entirely determined by market demand. Unlike fiat currencies or cryptocurrencies with inherent value propositions, an NFT’s worth fluctuates based on factors like artist reputation, community engagement, scarcity, and perceived utility. This volatility is a key characteristic, presenting both significant risk and potentially lucrative rewards.

Key differences from traditional assets: Unlike stocks or bonds, NFTs lack inherent dividends or yield. Their value is speculative, tied to their perceived future worth within the market. Furthermore, regulation surrounding NFTs is still nascent and varies considerably across jurisdictions. This lack of regulatory clarity adds to the overall investment risk.

Blockchain’s role is crucial: The underlying blockchain technology ensures transparency and immutability, preventing counterfeiting and providing a verifiable record of ownership. This is a key element driving the appeal and adoption of NFTs.

Investing in NFTs requires careful due diligence. Thorough research into the project, team, and market dynamics is crucial before committing any capital. The NFT space is prone to scams and pump-and-dump schemes, emphasizing the importance of caution and informed decision-making.

What are the disadvantages of NFT?

NFTs, while exciting, have some serious drawbacks. The environmental impact from energy-intensive mining is a huge concern, especially with proof-of-work blockchains. We’ve seen massive price swings; their value is heavily driven by hype and speculation, making them incredibly volatile investments. Lack of clear regulations creates risks for both buyers and sellers, leading to scams and legal ambiguity. The question of true ownership can be murky, especially with smart contract vulnerabilities. The market is saturated with low-quality projects, making it hard to identify genuinely valuable NFTs. Liquidity is often a problem; selling an NFT quickly at a fair price can be difficult. Technical hurdles, like understanding smart contracts and wallets, can deter many potential users. Finally, there’s always the risk of losing your NFT due to platform hacks, wallet compromises, or even simply losing your private keys – a mistake that can cost you dearly.

It’s important to note that some of these issues are being addressed. Proof-of-stake blockchains offer a more energy-efficient alternative, and regulatory frameworks are gradually emerging. However, these problems are still very real and should be carefully considered before diving into the NFT space. Due diligence is crucial; research projects thoroughly, understand the underlying technology, and never invest more than you can afford to lose.

Furthermore, the “utility” of many NFTs is questionable. While some offer access to exclusive communities or real-world benefits, many exist solely as speculative assets, lacking intrinsic value. This speculative nature amplifies the risk of significant losses.

Finally, the secondary market, where most NFT trading takes place, often suffers from high fees and inefficient processes. These costs can significantly reduce profits, especially for smaller investments.

Do any NFTs still have value?

The overwhelming majority of NFTs currently hold little to no market value. This stark reality represents a dramatic downturn from the NFT boom of 2025, which captivated millions. While estimates suggest 23 million individuals acquired NFTs, the narrative was far more complex than simple sales figures. Many projects lacked intrinsic utility or strong community engagement, leading to a significant market correction. The initial hype, fueled by speculation and the promise of digital scarcity, proved unsustainable without underlying value propositions. The collapse highlights the importance of due diligence in the NFT space; scrutinizing the project’s roadmap, team, and community is crucial before investment. While some blue-chip NFTs from established projects maintain value, the vast landscape is littered with projects that ultimately failed to deliver on their promises, leaving many investors with considerable losses. The current market favors NFTs tied to real-world utility, strong intellectual property, or active, engaged communities – key differentiators that distinguish lasting value from fleeting hype.

Why are people against NFT?

The criticism that NFTs lack inherent value is a common, yet often misinformed, argument. While it’s true that the underlying asset (e.g., an image) can be easily copied, the NFT itself represents a unique token on the blockchain, proving verifiable ownership and provenance. This is crucial for establishing scarcity and authenticity, particularly in digital art where replication is trivial.

Here’s a breakdown of why this perceived lack of value is often inaccurate:

Community and Exclusivity: NFT ownership often grants access to exclusive communities, events, and perks. This added value extends beyond the digital asset itself.
Investment Potential: Like any investment, NFTs carry inherent risk but also offer the potential for significant returns. The market is volatile, but successful projects have seen massive price appreciation.
Fractional Ownership: New technologies enable fractional ownership of high-value NFTs, making them accessible to a wider range of investors. This democratizes access to previously inaccessible art and collectibles.

It’s also important to distinguish between different NFT projects:

Utility NFTs: These NFTs provide tangible benefits beyond simple ownership, such as access to exclusive content, in-game items, or membership in a DAO (Decentralized Autonomous Organization).
Collectible NFTs: These NFTs derive their value from scarcity, rarity, and community demand, similar to traditional collectibles.
Generative NFTs: These NFTs utilize algorithms to create unique digital assets, offering a degree of randomness and surprise to the collection process.

Therefore, dismissing all NFTs as worthless based solely on the copyability of the underlying asset is an oversimplification. The value proposition of NFTs extends far beyond the digital file itself, encompassing community, ownership verification, and investment potential. Proper due diligence and understanding of the specific project are crucial for navigating this exciting and evolving space.