The world is being ravaged by the non-fungible token (NFT) industry. Although digital tokens have been around for a while, the recent increase in sales price corresponds to a wider surge in demand for NFTs, which are blockchain-based tokens that represent ownership of a digital asset.
Invisible rocks are the most recent controversial sales, with a unit costing 4 ETH (about $13,000 at the time of purchase).
After artist Beeple’s sculpture, Everydays: The First 5000 Days, was sold for an astounding $69 million in March, NFT’s popularity exploded. Following a drop in demand in the spring, the general NFT market began a tremendous resurgence in late June.
Artists, musicians, influencers, and sports teams can earn from digital goods that would otherwise be cheap or free thanks to NFTs, which employ blockchain technology to create an official copy of digital property.
They enable owners of digital art, collectibles, and a variety of other products to track ownership and are growing in popularity as blockchain technology gains acceptance.