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WTF is an NFT?

  • NFTs have taken the world by storm, with memes and art pieces selling for millions of dollars.
  • The digital assets have been lauded for letting artists reclaim power and mocked for their seemingly ridiculous nature. Here’s an inside look into the world of NFTs.
Rimal Farrukh | March 19, 2021
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WTF is an NFT?

NFTs have been splashed across headlines and social media of late. This week Elon Musk turned down $1 million after initially offering to sell his tweet as an NFT. Last week Christie’s sold an NFT art piece by digital artist Beeple for $69 million. Earlier another piece by the artist sold for $6.6 million. Kings of Leon released their latest album as an NFT. The internet meme of the animated Nyan Cat which was uploaded on YouTube in 2011 recently sold as an NFT for nearly $600,000.

So what are NFTs exactly?

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Robinhood is an online stock brokerage that offers its customers commission free trading and investing. Robinhood users can invest and trade in stocks, exchange traded funds, options, and cryptocurrency. Customers can invest in over 5,000 stocks with Robinhood, including most U.S. equities and ETFs listed on U.S. exchanges.

Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc. All cryptocurrency holdings are held in Robinhood Crypto as opposed to Robinhood Financial.

The company was founded in 2013 by Stanford roommates Baiju Bhatt and Vladimir Tenev. It has its headquarters in Menlo Park California and offices in the U.S and the UK.

Account Types

Robinhood’s products are accessible through its three different accounts: Robinhood Instant, Robinhood Gold and Robinhood Cash.

Robinhood Instant

Robinhood Instant is the default Robinhood account which is a margin account that has access to extended hours trading and instant deposits. Robinhood Instant account users do not have to wait for funds to process while selling stocks or depositing up to $1000.

Robinhood Gold

Robinhood Gold comprises a range of investing tools and premium products such as greater instant deposits starting at $5000 to a max of $50k, research from Morningstar on 1700 stocks, Level II Market Data from Nasdaq and more access to trading on margin. It has greater buying power and larger instant deposits as compared to the Robinhood Instant account.

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