Why NFT Is So Popular

What is NFT

NFTs are "non-fungible tokens". NFT is a new type of non-fungible digital asset, which means that each token is unique and you cannot substitute another token.

When did NFTs become popular

March 2021 was when NFTs really started to hit the headlines. It's all thanks to Christie's record-breaking NFT sale: a piece of digital art called "Everydays: The First 5,000 Days" by Mike Winkelmann, a graphic designer best known for "Beeple" in the online art world, for $6930 Sold for $10,000. Beeple has been making collages of 5,000 digital artworks every day since 2007.It was the first time in Christie's 250-year history to list a fully digitized work, and one of the first milestones to spark the astonishing rise of "non-fungible tokens," or NFTs.

Why are they so popular

1.Profit

Sellers are often very excited about NFTs because they can easily profit from the sale of these digital assets. So when someone like Snoop Dogg with a proven track record as a marketing artist creates their own NFTs and puts some product on the market, it creates hype and buzz, which is part of what drives NFTs forward.

2.Status symbol

“NFT Art enables anyone to gain an interest in what they deem important and culturally relevant. Valuable art is something that the 1% has a monopoly on. NFT art allows the 99% to participate.”

Take the Boring Ape Yacht Club, for example. Jimmy Fallon got one, Stephen Curry got one, Paris Hilton got one. So if you buy a Bored Ape, you'll be part of the same group that many famous celebrities belong to, and there's even a real in-person element to host a Board Ape Yacht Club party for the owner.