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Last year’s NFT gold rush gained massive media momentum. Everybody wanted a piece of the action including the kids. Not to mention some kids made a large amount of money selling NFTs online. Even Paris Hilton came on the Jimmy Fallon show to school the latter about NFTs. The sale peaked during the middle of last year when $102 million of these were sold in a single day. The crypto-collectibles market made up $100 million of those sales. So what is an NFT and why all the attention?
What Is an NFT?
NFT or a Non Fungible Token is a digital asset that can be bought and sold online. The asset could represent any real-world objects like art, music, in-game items, and videos. These tokens live on blockchain, most commonly on Ethereum blockchain. Various other blockchain companies have started to implement their own versions of NFTs, however, Ethereum is still the king. Once you sell NFTs Ethereum coins will be credited to your Ethereum wallet.