NFTs (Non-Fungible Tokens) – NFTs, unique and non-interchangeable cryptographic tokens, are a popular and rapidly-growing domain of blockchain technology. Both the development and the application of NFTs require a significant amount of understanding.
In 2021, there has been increased interest in using NFTs. The NFT market value tripled in 2020, reaching more than $250 million. In the first three months of 2021 alone, more than $200 million were spent on NFTs. The economic momentum NFTs have in the crypto market has exploded because of a trend towards digital collectibles. NFTs are also accelerating a larger trend of digital economic innovation as the public is increasingly favouring a crypto-economy.
The NFT ecosystem from 2019 being as an IDEA has grown to be an APPs in 2020. In 2021 we could notice and came across many NFT auction took place. The value reaching up to USD 70 million for a Digital Art, First Tweet from the CEO of Twitter sold for USD 2.9 Million and many more auctions are going wild right now.