What are NFTs anyway? NFTs, or non-fungible tokens, are essentially digital certificates of authentication that carry information, such as the owner and creator information. They can also contain features that will enable the original creators to receive a portion of the profits any time the NFT is sold.
In the first half of 2020, NFT sales totaled $13.7 million but, just one year later, that total had increased all the way to $2.5 billion. Considering some of the dollar amounts of individual purchases, it’s not difficult to see how NFT sales could grow at such a rapid pace.
For instance, on October 31, 2020, Pabla Rodriguez-Fraile purchased the digital work “Crossroads” for $66,666. Later, “Everydays: The First 5000 Days” was purchased by crypto investors Vignesh Sundaresan (aka “MetaKovan”) and Michael Joseph Winkleman (aka “Beeple,” creator of the digital artwork). They both wanted to drive up the price of NFTs and their purchase totaled $69 million.
Other big NFT purchases include Jack Dorsey’s digitally autographed (STORY CONTINUES ON BLOCKCHAIN DOMAIN)