What’s the Deal With NFTs?

Why are NFTs exploding on the scene? They aren’t brand new - people following closely may recall cryptopunks and cryptokittes from a few years ago. Nowadays they are bringing in billions of dollars with no signs of slowing in sight. Why? It gives a collector the opportunity to own digital art that can be validated - an advantage over art forgeries in the physical domain.

 

While you can find a great deal of NFTs for sale on auction platform OpenSea, even traditional auction houses such as Christie’s have been getting in the game.  Noted artist Beeple had a record setting piece as the first traditional auction house auction for a massive $69.3 million.  Given that NFTs have brought in a colossal $2.5 billion in the first quarter of 2021, it seems like we are in the middle of a bull run. 

 

Learn more about what NFTs are in the visual deep dive below:

 

Source: Expensivity