![]() This is just the beginning of an ever-growing list of artists, celebrities, crypto-enthusiasts, and others who are betting NFTs are the future of collectible art. ![]() And you’ve probably heard about the bizarre phenomenon that is the Bored Ape Yacht Club. Soon everyone from Jack Dorsey to George Church to the NBA started jumping on the NFT bandwagon. The certificates are one-of-a-kind (that’s the non-fungible part), are verified by and stored on a blockchain, and allow digital assets to be transferred or sold.ĭepending who you ask, NFTs were a thing as early as 2013 or 2014-but they didn’t really hit headlines until earlier this year, when artists like Grimes and Beeple sold their digital creations for millions of dollars. Last month, both Coinbase and Sotheby’s announced plans to launch NFT marketplaces.Īs a quick refresher in case you, like me, still don’t totally get it: NFT stands for non-fungible token, and it’s a digital certificate that represents ownership of a digital asset. The internet has exploded with digital artwork that’s being bought and sold like crazy in the third quarter of this year, trading volume of NFTs hit $10.67 billion, a more than 700-percent increase from the second quarter. ![]() Even once we figured out what they were, it seemed like maybe they’d be a short-lived fad, a distraction for the tech-savvy to funnel money into as the pandemic dragged on.īut it seems NFTs are here to stay. Just a few months ago, most of us had never heard of an NFT.
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