In an ever-evolving world, one of the most relevant use cases for blockchain right now is cryptocurrencies, and it is here to remain that way for some time. However, an even more exciting future is emerging in blockchain technology: non-fungible tokens (NFTs).
NFTs are a revolutionary new way of buying and selling digital assets that represent real-world items. All NFTs are unique and can’t be replaced or swapped — they can only be purchased, sold, traded, or given away by the original owner/creator of that asset.
NFTs could power a whole new wave of digital collectibles, from rare artwork to one-of-a-kind sneakers and accessories. They could also be used in place of items in video games or other virtual worlds.
The year 2021 is expected to be the “year of the NFT.” In just two months, we have seen nearly $400 million in gross sales for the top ten collectible items, which are all cryptocurrency-based collectibles, marking an overall 400% increase over last month’s numbers!
The possibilities for NFTs are endless — and these tokens will likely have a significant impact on the future of digital ownership. Besides, in the next few years, you’ll probably be able to buy everything from artwork to cars using NFTs.