Non-Fungible Tokens (NFTs) emerged as a ground-breaking concept in the blockchain realm around 2017.
They are unique digital assets representing ownership and authenticity of various digital and physical items, including art, music, collectibles, and virtual real estate. NFTs gained significant traction in 2020 and early 2021, riding a wave of enthusiasm fuelled by high-profile sales and endorsements from artists and celebrities.
The technology’s core principle, using blockchain to establish ownership, appealed to creators seeking new ways to monetise digital creations in a world where copying and sharing were prevalent.
This led to headline-grabbing sales, like Beeple’s artwork selling for $69 million and Jack Dorsey’s first tweet for $2.9 million. At its peak, an NFT…
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