NFTs are now one of the hottest crypto trends of 2021, with overall sales up 55% already since 2020, from $250 million to $389 million.
Here’s how and why you should create and digitalise your works, products, services and assets.
Non-fungible tokens (NFTs) have been around as early as 2012 when the concept of Bitcoin Coloured Coins first became realistic. These coins were known as satoshis – small fractions of a bitcoin – marked, or “coloured in” with distinct information that could link the coins to real-world assets, such as “this satoshi represents $500 of John Doe’s New York office building.”
For the most part, however, Coloured Coins were used to create and trade artwork like “Rare Pepe” digital cards on a marketplace platform built on top of Bitcoin’s blockchain.
These tokenised works were some of the earliest examples of unique digital artwork tied to crypto tokens. This paved the way for the relation and concept of a non-fungible token standard.
With this new understanding, we put the powers in our member’s hands to go onto digitalise ownership of assets via NFTs.
NFTs can be used to represent virtually any type of real or intangible item, including: