Non-fungible tokens, a collection of digital goods for sale like artwork,coins,games,or tweets, have taken the market by storm as thousands have cashed in on the blockchain craze. Originally designed by digital artist Kevin McCoy, a few years ago, the tokens have created instant millionaires among artists as young as fourteen years old. Recently, a piece of artwork by Mark Winklemann,even sold at Christies for a whopping $69 million dollars.
Rising to fame as Cryptopunks initially, the idea came from colored coins that were maintained on the blockchain that houses Bitcoins and other similar coins. Since then, many different creations have been turned into digital assets for sale at online and local auctions. However, this has also spawned a new industry with various lending exchanges,corporate partnerships, and musical artists cashing in. OpenSea, quickly minting it’s spot as one of the most well known and largest exchanges, has recently garnered an evaluation of $10 billion dollars. The latest funding round came in part through Andreesen Horowitz after their summer sales volume topped $11 billion dollars. More than 6 million NFT’s have been traded to date across six main categories and 280,000 buyers.
