How Blockchain Technology is Powering NFT Collectibles

Source Blockchain technology came into prominence with cryptocurrency; however, it has greatly benefited different fields. One area that is currently leveraging the special characteristics of blockchain technology is non-fungible tokens (NFTs). Some people indeed believe that NFT is a bubble that will soon burst while others think that it has come to stay; by any standard, however, the fact that more than $2 billion was spent on non-fungible tokens, or NFTs, in Q1 of 2021, which represents an increase of about 2,100% from Q4 2020, makes it an important economic contribution globally, and cannot be put aside. The bubble on NFTs becomes more interesting if we take into consideration that the revenue from NBA Top Shot, which was said to have hit $472 million in Q1, wasn’t included in the figure above. Also, the staggering $69.3 million spent on an NFT from Beeple wasn’t taken into consideration before coming up with the amount. What is a non-fungible token (NFT)? A non-fungible token is a crypto token that is indivisible and unique. An NFT exists on a blockchain, which is a decentralized, unregulated, and distributed public ledger that records transactions.  Though an NFT is built on smart contracts just like ETH…

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