NFTs worth millions of dollars were given away by JPMorgan at an event

Non-fungible tokens (NFTs) have been swiftly adopted by JPMorgan.

NFTs worth millions of dollars were given away by JPMorgan at an event

Non-fungible tokens (NFTs) have been swiftly adopted by JPMorgan.

NFTs were given out during the financial giant's first "Crypto Economy Forum for TradFi Investors" event, which was held earlier last week at its New York headquarters.

According to OpenSea, none have traded, but one of the 69 owners posted one for sale for 420 ETH($1.76million). JPMorgan NFTs were minted on Ethereum layer 2 network Polygon.

"We weren't, but thought it was funny since now we get our free NFT for it," explained someone close to JP Morgan Chase.

Sam Bankman-Fried, founder of FTX exchange, spoke at the event, as did Emin Gün Sirer, CEO of Ava Labs, and Brian Armstrong, CEO of Coinbase.

In the meantime, Jamie Dimon, CEO of JPMorgan, continues to throw shade at crypto assets, saying they have no intrinsic value.

In Dimon's view, the so-called TradFi world is incorporating decentralized finance (DeFi), non-financial technology (NFTs), and "Web 3" at an alarming rate. In the month of August, the bank's private wealth division published a report on NFTs.

As the tectonic shift around NFTs continues, JP Morgan said many major art institutions are increasingly offering NFTs, which are native crypto marketplaces that hope to circumvent gatekeepers while disrupting them.

According to the world’s most valuable bank by market value, NFTs, like crypto assets, are part of a borderless, decentralized, global crypto marketplace ecosystem in which they are created, offered, and acquired.

Blockchain technology, a decentralized, immutable ledger of transactions, serves to verify the authenticity, provenance, and ownership of NFTs.

Celebrities and big consumer brands have been “minted” and promoted NFTs in sports, entertainment, art, and technology.

Fine art is entering a new era with the advent of NFTs. Twitter posts, GIFs, images, songs and videos all fall under the umbrella of NFTs.