2021 is proving to be a breakthrough year for NFTs, but what is driving such impressive performance? This Cointelegraph Research report has the answers.
What are NFTs? NFTs explained in brief: Nonfungible tokens, or NFTs, are verifiably unique representations of digital and physical goods. Each NFT generally differs in makeup, and therefore likely differs in value as well.
In the physical world, U.S. dollars are fungible. No value is forfeited if a person trades any given paper U.S. dollar for a different paper U.S. dollar. On the other hand, something such as artwork is generally nonfungible. The “Mona Lisa” is not of equal value to “The Persistence of Memory,” as both artworks are unique, deriving value as such.
Based on distributed ledger technology, NFT crypto assets serve as a method of authentication for buyers of unique items, proving aspects such as ownership. NFTs became much more well known in 2020 and 2021. NFTs have potential for other use cases as well, such as companies tracking their internal resources or platforms verifying subscriptions and use.
The platform is anticipated to launch in the first quarter of 2022 and will facilitate buying, selling and licensing of metaverse assets.1608
- Pop culture, fashion and NFTs come together in the first interactive avatar builder on the blockchain
The lines between pop culture and digital assets are merging, with new opportunities for the world to express its creativity.224
Snoop Dogg’s first NFT collaboration with digital multimedia artist Coldie, “Decentralized Dogg,” was minted Monday on SuperRare.9253
- New software-as-a-service offering makes it easy for users to launch products, share art and more with NFTs
Industry-disrupting blockchain innovations are believed to accelerate with the removal of technical barriers to NFT minting.1156
The move comes after the company increased its net profits by over ten-fold in the last quarter.2879
AMC Entertainment and renowned NFT artist Damien Hirst are airdropping NFTs to fans and collectors.6774
NFT digital art sales generate headline after headline, though this is not the real mass-market use of this novel technology.7287
The gaming ecosystem is set to become more community-driven with the help of decentralized tech, empowering creators and coders.24149
Goodbye Spotify, music nonfungible tokens have arrived: Reimagining the music streaming model in the Web 3.0 era.21275
Facebook’s metaverse plans have caused discomfort in the crypto community, but there’s every reason to believe in a decentralized future for metaverses.27742
Nonfungible tokens could be a step toward new social interactions, a notion that might not be as far-fetched as it sounds.5818
Shaped by computer entertainment, a now growing population of digital citizens seek social and economic gameplay opportunities.6808
NFTs are the new darling in the world of gaming, transforming it into an entirely different universe.4363
A blend of contemporary popular culture, nostalgia and empowerment will be the main themes of the NFT exhibit.1940