To understand how big the hype about so-called non-fungible Token (NFT) really is, you only need to juxtapose two numbers: $ 13.7 million and $ 2.5 billion. The million sum is the sales with NFT in the first half of 2020, the billion amount of NFT sales in the same period one year later. And: In August 2021, almost another two billion dollars should have been turned over.
Facebook and Twitter jump on the NFT train
No wonder that such a lucrative market attracts new investors attracts. In the meantime, not only well-off crypto insiders have jumped on the bandwagon. Corporations like Facebook, Tiktok or Twitter also want to play in the NFT universe.
Anyone who is not there yet should be interested in what non-fungible tokens actually are. Unlike exchangeable tokens that represent cryptocurrencies, non-fungible tokens represent a very specific asset. This makes you unique. NFT are currently most widespread in the areas of crypto art and digital collector’s items.
The income that is possible with NFT is shown in various examples over the past few months. The first major stir in March was the sale of the NFT artwork “Everydays: The First 5,000 Days” by digital artist Beeple, which fetched over 69 million dollars at auction. NFT collections in the pixel art sector can bring in millions of dollars in a matter of weeks. Meanwhile, there is criticism – as with Bitcoin – of the lack of environmental friendliness. In addition, there may be forgeries.
Infographic shows the basics of non-fungible tokens
More about the basics of NFT, the meaning of the Non-fungible tokens in the fast-growing crypto world and more information about how it all works is shown in an infographic distributed via Socialmediatoday.
Clicking on the preview image below opens the complete NFT infographic: