During the recent couple of years, tech enthusiasts have discussed Non-Fungible Tokens for various reasons. First of all, since their introduction back in 2014, NFTs have become extremely popular worldwide as one of the most effective ways to purchase and sell digital artworks and other digital assets.
According to the magazine Forbes, an incredible $174 million has been spent on Non-Fungible Tokens since November 2017. Celebrities and brands are embracing the trend as they consider NFTs the best trend in connecting with their fans.
For example, the most exciting area for collecting NFTs at the moment is NBA Top Shot. It is a place where NBA fans from all over the world collect non-fungible tokens of their favourite stars in the form of digital cards. Keep in mind that some of these cards have already been sold for millions of dollars.
NBA Top Shot has settled itself as an easy-to-use and accessible path to cryptocurrency-powered commerce and Non-Fungible Token collecting. In early 2021, NBA fans were able to buy and sell officially licensed video highlights, or moments, from their favourite basketball players, such as Dapper Lab’s NBA Top Shot.
Thanks to Top Shot, Dapper Labs raised an incredible amount of $250 million in September at a valuation of $7.6 billion.
Another area where NFTs are massively used and popular is music. For instance, a famous Canadian rapper Tory Lanez released an NFT album which became famous for one thing. Apparently, Tory Lanez NFT price is now $60.000, according to his statement on Instagram.
Besides Tory, numerous other famous musicians began monetizing their music. Here is another excellent example: Electronic music artist, worldwide known as 3LAU, has managed to tokenize a version of his music album “Ultraviolet”.
It became an NFT that was sold for approximately $11.6 million. Thus, this famous dance music duo disclosure sold a Non-Fungible Token of one song for more than $69.000.
Keep in mind that, besides in the sports and music industry, NFTs today may represent in-game assets such as avatars, domain names, event tickets, digital and non-digital collectibles, and even some non-digital stuff such as real estate, for example.
Today you may find NFTs such as memes, GIFs, and even tweets. For example, the former CEO and Co-Founder Jack Dorsey have tokenized his first-ever tweet by writing, “just setting up my twttr”. According to Investopedia, don’t be surprised to learn that this particular tweet has been already auctioned off for approximately $2.5 million.
In another interesting example, the famous Co-Founder and former CEO Jack Dorsey tweeted a link to a tokenized version of his first-ever tweet that went like this “just setting up my twttr.” Believe it or not, that particular tweet has already been auctioned off for up to $2.5 million.
No matter what you may think of Non-Fungible Tokens, it’s clear that they are an entirely new way of monetizing digital artwork, which is helpful for various artists worldwide. If you think about whether investing in NFTs is a good idea, the short answer is definitely yes. By 2026, experts predict that the NFT market will reach $82/43 billion at a CAGR of 40.2%.