The origin of NFTs is intriguing and goes back to 2012 with the creation of the Bitcoin blockchain. The blockchain creates a token that can be used to prove ownership of an asset. Although NFTs were around since 2012, they did not gain popularity until 2020 during the pandemic when people were forced to stay home and technology became essential for connectivity.
NFTs (non-fungible token) is on the Ethereum blockchain and has emerged as the leading currency. It provides a unique certificate that designates the owner and, therefore, makes it provable and scarce. This is allowing artists to create and sell their art to collectors who can be sure of the authenticity.
The NFT assets can be in the form of many different mediums, such as digital art, music, or videos. In reality, the form is limitless and artists continue to create new collaborations and push the boundaries in innovative ways. A digital asset can be shared around the internet, however, the certificate proves the owner. NFTs gained popularity when the artist, Beeple, sold his digital artwork titled “Everydays: The First 5000 Days” for $69 million through an auction at Christies. The news of the transaction spurred interest in NFTs for artists and collectors, and the market has grown immensely since.

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