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Cryptopolitan 2021-09-19 03:00:00

Why Did NFTs Explode in 2021?

Over the past year, NFT (non-fungible token) sales have exploded. But what is a non-fungible token and why are people suddenly so into them? The idea behind non-fungible tokens is simple: it’s like trading cards or signed baseballs—one item is different from every other item. However, unlike traditional collectibles, these are verifiably unique via a “unique identifier” on the blockchain. With that said, let’s look at some of the main reasons NFTs took off. 1. Better Marketplaces For Creators NFT markets allow you to sell your digital assets, aka non-fungible items, with provable ownership and authenticity back to the buyer. As a seller on an NFT market, you can list your digital items and set details like price and rarity.  This is particular useful for artists and other creators to be able to finally profit off their work. For example, the virtual land project Next Earth is soon launching an NFT marketplace, enabling users to trade digital replicas of real estate, whether it’s the virtual White House or the cyber Statue of Liberty. 2. Distributed Markets vs Centralized Markets To be able to trade your digital item you must first own it: Unlike centralized marketplaces where one entity has complete control over user data and personal information, NFTs are built on blockchain technology which requires people to store their private keys—a secret code only used by the owner—in order to access their digital assets or NFTs.&...

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