Over the last few months, the non-fungible token (NFT) space has heated up and NFTs have become a topical conversation in the cryptocurrency community. Many supporters believe that NFTs are going to be huge and transform everything from the art industry to online gaming. Others believe that NFTs are completely worthless and nothing more than the hype seen during the initial coin offering (ICO) phase in 2017.
Non-Fungible Token Assets and Reliable Immutability
Data shows that to-date, more than 5.3 million non-fungible token (NFT) asset sales have been recorded on nonfungible.com’s market history. Out of all these sales, artists, blockchain firms, and NFT dealers have sold $414.5 million worth of NFTs. Out of all 5.3 million sales recorded on nonfungible.com’s list, NFTs sell for an average of $76 per unit.
Furthermore, NFTs have gathered mainstream attention and on March 11, 2021, the popular NFT artist, Beeple, sold his work at the world-famous Christie’s auction house. The Christie’s online auction 20447 dubbed “Beeple: Everydays- The First 5000 Days,” saw the artwork sell for a staggering $69.3 million.
It seems that every day, a new NFT project is being released and a new celebrity endorses their own non-fungible token collectibles. Many crypto supporters believe NFTs will be a transformative idea that will shake up a number of industries like art, music, and online games.
Meanwhile, NFT’s are not popular with everyone, and the hype is getting a lot of online criticism these days. For instance, when Jack Dorsey endorsed the NFT application called Valuables, which was created by a startup called Cent it caused a stir. The Valuables platform allows people to purchase a digital certificate of a tweet and sell it on the open market for
