The World of NFTs and
Why They Are Here to Stay
If you’ve spent any time on social media this year, you’ve most likely heard the term NTF being tossed around. NFTs have been the talk of the crypto, art, and even investing world for the past few months but don’t worry if you haven’t got them figured out just yet. In short, a non-fungible token, or “NFT”, is a digital asset that represents the authentic version of a piece of digital media. This token can take the form of anything from photographs to songs. While the NFT craze may seem like a recent phenomenon, non-fungible tokens have been around for years. Their origins can be traced back to many of the early blockchain applications such as crypto kitties, which allowed the trading and breeding of unique virtual cats on the blockchain. NFTs have come a long way since then.
A testament to the massive cultural impact of NFTs has been the wide-scale participation of celebrities and artists around the world. NFL player Rob Gronkowski and actress Lindsay Lohan are among some with NFT offerings for sale. In music, Grimes and Steve Aoki have created NFTs. Even tech executives are getting into NFTs. Earlier this year, Jack Dorsey, founder and CEO of Twitter, sold his first-ever tweet as an NFT which fetched US$2.9 million.
The sports applications of NFTs are another fast-growing use. This year, WWE started offering NFTs of the Undertaker, a leading wrestler. Non-fungible tokens have also been revolutionizing the world of memorabilia. Rather than own a card, fans can now own their favorite moment in sports history, such as a championship dunk or a legendary knockout punch.
As of late, getting in on the NFT action has never been easier with many fan-favorite artists, musicians and celebrities minting their own NFTs. There are even ways for you to make your own. However, if 3D rendering isn’t up your alley or you’d like to check out some of the newly minted A-lister tokens you’ll be better off heading to an NFT marketplace. One company disrupting this space is Dbilia, a marketplace focused on the world of artist and athlete memorabilia. Dbilia has garnered attention for its fresh take on the collectible and creator merchandise market and you can connect with and purchase from top names in their current listings.
The success of non-fungible tokens has been one for the history books, Solidifying NFTs as an asset class that is here to stay. In the first months of 2021 alone, the market for NFTs has grown by 1,785% – a truly staggering increase. Investors are cashing in on this opportunity with purchases like the digital art piece “The first 5000 days” by artist “Beeple” recently sold for US$69 million, the largest NFT sale thus far. With the rapid growth of this industry, it will definitely be a space to watch this year.