NFTs are probably the frothiest market and hottest topics of 2021 with its sales increasing by a massive 100x times. Due to this reason, NFTs have also been a topic discussed widely in morning and event talk shows. Crypto took around a decade to become mainstream whereas, NFTs grabbed immense attention of the public within a few years only. After being bought by renowned brands such as Visa, Budweiser, and Adidas, NFTs are now more than just a hot topic to be discussed.
But, what actually are NFTs? Well, these are non-fungible tokens with cryptographic history of ownership and current ownership that is secured on a blockchain. These tokens have the capability of representing literally anything. It can be a song in mp3 format or a digital art piece in jpeg format.
When the transactions of these tokens are stored on a blockchain, you can easily have proof of ownership. The infographic below shows how the entire NFT ecosystem has been established within just a few years and has now become trending.
In 2021, NFTs provided the creators with decentralized and digital networks to hot and trade their work. At this moment, the NFTs are being used as the digital-first use-cases with an incredible number of ownerships of in-game goods and assets. There are a lot more applications of NFTs and the tokens can be used for a variety of physical assets as well such as physical artwork, real estate, and more.
To find out where people are using their NFTs for minting or trading and what we can expect in the NFTs ecosystem in the future, check the infographic below.
Infographic by: Visualcapitalist.com