You might have come across the word NFTs at least once. Even if you are under a non-technical background without knowing the happenings of the latest inventions and technologies, you must have heard the words NFTs or the names of NFT trading platforms. Non-Fungible Tokens, or NFTs, are tokens on the blockchain which give the ownership of digital files. Today even physical assets are also getting recorded on the blockchain as NFTs. The Saturday night lives mv on NFTs introduced people to NFTs, followed by a list of celebrities who got into NFTs. This has made NFTs famous, which resulted in the 2021 NFT boom.
The world of Non-Fungibles
The idea of non-fungible tokens started with crypto punks. This was to see the response of people to owning digital files. Though it took its own time, people celebrated this concept in 2021. People started owning digital art, music, memes, and even tweets. NFTs were also used to raise funds for a cause, and it gradually became the thing that everyone wanted to talk about and know about. Right from Justin Bieber to Jimmy Fallon, celebrities started to own popular NFTs like BAYC. Top NFT marketplaces like Opensea started to emerge. Marketplaces began to offer people the feasibility of minting the NFTs without codes. This further encouraged artists and other independent content creators to get into NFTs.
People got into NFTs because they were curious about the opportunities that this new technology has for them to earn. On the other hand, they also saw this as a concept of uniqueness that could bring about a whole new revolution on the planet. With decentralization happening everywhere with blockchain, NFTs continue to invade every sector, from birth certificates and land records to NFT games.
The adoption of blockchain and NFTs by governments of several countries shows that the world is getting ready for mass adoption. For instance, the decision on NFT birth certificates from the governance body of New Town Kolkatta, India, made the headlines and gave a spark to governments all over the world. People Buy and sell NFTs just like online shopping today, and the day of mass adoption is not so far!