NFT Explained

NFTs or formerly called non-fungible tokens, seem to have sprung from the realm this year. Between music and art through tacos even toilet paper, digital tokens are trading like 17th-century exotic Dutch tulips, fetching massive amounts of money in certain cases.

However, are NFTs great value for money than the hype? Some observers say it is a bubble that could explode, comparable to the dot-com boom or the Beanie Babies craze. Everyone else feels that NFTs are here to stick and that they might permanently alter the environment for investment.

NFTs, commonly referred to as non-fungible tokens, is perhaps the most current cryptocurrency fad to enter the news. And, when Christie's bidding offer was accepted for the very first NFT art, a composite of photographs by visual artist Beeple, was sold for a staggering 69.3 million dollars. NFTs have snagged the world's attention.

However, NFTs have been here for quite some time now. CryptoKitties, an electronic trading game upon that cryptosystem Ethereum, was among the first NFTs, allowing consumers to buy and trade unique virtual cats kept on the blockchain.