What are NFTs?

Over the last year and a half, the world of NFTs or NON-fungible tokens has completely exploded alongside cryptocurrency, but what really are they?

Well, an NFT is a digital asset that represents real world objects like music, art, video games and videos. NFTs are sold online through marketplaces such as Opensea and can only be bought with crypto currencies’ such as Ethereum and Solana. So NFTs are usually encoded with the exact same underlying software that is used for crypto.

They have recently exploded over the last year and a half because they have gained more and more popularity with the way to buy and sell these digital art pieces.

In fact, last year it was reported that the market for NFTs was worth a whopping $41 billion in 2021 alone, which has seen an ongoing increase in value that totals the entire Global fine art market value.

Every NFT is one of a kind and I think that is a big factor as to why people are beginning to fall in love with NFTs, because each one is rare, but some are rarer than others.

Some NFTS Have further uses for example, one of the most famous NFT collection as of right now is the board ape yacht club which each NFT now is selling for several hundreds of thousands and some are even valued in the millions, so if you buy a Bored ape from their collection this will allow you access to private parties with famous people and very wealthy businessmen and women. So, you can see why people are obsessed. Some NFTs have groups behind them that will attach charities to their sales and so a percentage of the profits will go to the charity aswell.