Non-Fungible Tokens, or NFTs, were created by merging blockchain technology with digital files. NFTs are cryptographic tokens offering unique, indestructible proof of ownership. NFTs are digital representations of artwork, music, sport trading cards, tickets, real-estate and more. Typically, these digital collectibles can be purchased with crypto money.
In 2022, NFT sales reached $17.7 billion in 2021, up from $82.5 million in 2020 — a jump of more than 200 times. Total NFT profits when reselling or buying also skyrocketed from $12 million in 2020 to $5.4 billion in 2021.
Mainstreaming NFTs
As NFTs become more mainstream, there’s an abundance of creators, investors and enthusiasts looking to participate in a new revenue stream. Part of what makes the NFT space so attractive is the innovative approaches and solutions that have yet to materialize. There is an exciting possibility for developments and creation of new markets and forms of investments that help to broaden the reach of NFTs and, in the process, bring more people on board.
