Non-Fungible Tokens (NFTs) are digital assets recorded on a blockchain.
Every sale and re-sale produces a digital certificate of ownership. This ensures no counterfeit or duplicate of the same asset can be made, and that ownership is indisputable.
Tokens can include any type of file you might imagine — audio tracks, 3D animations, static images, text — and unlock exclusive benefits for buyers.
NFTs have repeatedly made headlines lately, as collectors and institutional investors with deep pockets dropped eye-watering amounts to purchase the most prized assets.
A few notable examples include:
- Beeple’s legendary “Everydays — The First 5000 Days” ($69m)
- Paris Hilton and Blake Kathyn’s “Iconic Crypto Queen” ($1.1m)
- Singer Grimes’ “War Nymph” collection ($6m+)
- Boxer Logan Paul’ set of Pokemon-inspired collectibles (over $3.5m sold in a single day)
- Disclosure’s NFT song ($110k)
It’s not just digital artists, influencers and celebrities though.
Forward-looking brands are diving into the NFT space too. Some of them lead the way with fascinating use cases.
