Non-fungible tokens, or NFTs, will become a fundamental part of the tech investment megatrend of the next decade.
This is despite the drops of around 80% over the past few days in the NFT market, from a $102 million peak in NFT transactions in one day in early May.
NFTs are digital collectibles encoded onto a blockchain that create a unique digital watermark indicating ownership and the digital rights to that collectible.
Over recent months, a number of major fashion brands, global sports franchises and household name artists and musicians have launched NFTS.
Back in April, auction house Christie’s sold “Everydays” the First 5000 Days,” a digital artwork in JPEG form by an artist known as Beeple, for US$69.3 million – the third-most-expensive work ever sold by a living artist.
The short-term fall in NFT transactions in recent weeks is not at all surprising. This market is still incredibly new, and something that the majority of…