Non-fungible tokens (NFT) are widely popular due to its nature of exclusivity, rareness, and uniqueness compared to other crypto assets. Additionally, they are often sold for millions of dollars.
Most of the NFTs belongs to the Ethereum blockchain. As explained by The Verge, Ethereum is is a cryptocurrency wherein the blockchain can keep track of who's holding and trading NFTs.
Here are more reasons why NFT remains popular:
Ability to Own Digital Assets
NFTs can be anything digital from arts, memes, drawings, etc. Some even described NFTs as a modernized way of fine art collecting, exclusively digital arts.
Through collecting NFTs some people are finding satisfaction of owning and controlling a digital property that worth a bunch of money.
Read Also: Google To Allow NFT-Related Apps and Games in Play Store
Profitability
Since NFTs are mainly used to buy and sell digital art, this can support artists to sell their craft online for big amount of money.
Artists and creators may sell their work as NFTs directly to their fans and buys, without having to pay commission to a middleman.
In 2021, Digital artist Beeple sold a collection for $69 million.
Rare Factor
No NFT is the same in one way or another. This excites many people as they can now have the ability to own something exclusively for a certain amount of money.
Avid collectors of rare and unique items are often interested in the business of NFTs as they yearn to own something one-of-a kind.
Utility Potential
NFTs have the potential of being used for different purposes. It can be used a collector's items, pieces in games, and access to special services or events.
Businesses and organizations have been looking into incorporating NFTs to their services.
Create a Sense of Community
NFTs can create a sense of community around a particular project or subject. Some may even use NFTs to support a cause.
Overall, the community for NFTs is still growing despite its very technical process.
Related Article: EA Could Integrate NFTs Into Sports Games Soon
