Non-fungible tokens, famously known as NFTs have become the latest phenomenon. People around the globe are paying millions of dollars (in crypto) for NFT art and collectibles. If you were a crypto nerd, the explosion of NFTs onto the global stage and mainstream media would not have come as a surprise. These tokens have been around for a few years now. Thanks to the surge in cryptocurrencies like Bitcoin and Ethereum, NFT prices have gone soaring.
Similar to cryptocurrencies, NFTs are powered by blockchain technology. So what makes them much more expensive than crypto? It’s the uniqueness of each token. In essence, NFTs are what we call a collector’s item. There are 21 million bitcoins available for mining but an art or collectible is one (or few) of a kind. Once you own an NFT, it is yours. No one can tamper with it or replicate it.