Non-fungible Tokens (NFTs) are touted as the future of trading digital art and creatives. With more companies diversifying into various assets built on blockchain technology and as curiosity about the metaverse rises in 2022, Dhruv Saxena from NFT platform Fantico offers clarity on the concept of NFTs and how do they work
Image for representation: iStock
There’s no doubt the buzz around NFTs is growing. Earlier this month, OpenSea, one of the largest Non-Fungible Token (NFT) collection platforms, reached four billion dollars in trading volume for the month of January, a feat that was linked to the sale of ‘Bored Ape Yacht Club’, Ethereum-based NFTs of cartoon apes depicting varying emotions. The collection was purchased by celebrities such as Eminem, Britney Spears and Jimmy Fallon. Moreover, by December 2021, the NFT market had generated over 23 billion dollars in trading volume, according to a Forbes.com report.
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