Non-fungible tokens have made mainstream headlines and caught the attention of artists and investors lately, much like the ICO craze in 2017. And when we say artists, we mean all kinds of artists, from musicians, authors, filmmakers, digital artists, and so on. If 2017 was the year of ICOs, 2021 is definitely the year of NFTs.

Non-fungible tokens are shaking up the art world big time and if you want to know why just keep reading!

As mentioned previously, NFT is simply a unit of data stored in the blockchain that represents unique ownership of any virtual or even physical assets. NFTs are much like authenticity certificates given to buyers or collectors of physical arts. The only difference is that they’re digital. NFTs continue to grow in popularity all around the globe and are seen as a remarkable technology that has the potential to revolutionize the digital art world.

In an interview during the 2021 Ethereal Virtual Summit, Vitalik Buterin, the founder of Ethereum, said that NFTs have immense potential and that he finds them interesting due to the fact that NFTs have allowed people who are trying to get into the blockchain industry, but don’t have a business model before to finally have one.

Another cool thing about NFT is that it opens up a huge opportunity for blockchain’s mainstream adoption. There are plenty of reasons why people are showing great interest in NFTs which greatly depend on whether you’re an artist, a buyer, or both.

Why are NFTs valuable? What influences people to buy them?

NFTs have value because there are people who are willing to pay and own them. An NFT is worth what someone is willing to pay for it. If an NFT is to be made by a famous artist or influencer, there’s a great possibility that it could be sold for more than a hundred, a thousand, or even millions of dollars. Yes, you heard it right, some artists are actually making millions by selling NFTs. And I’ll be sharing a list of some popular and most expensive NFTs later on.

NFTs have the potential to transform many industries, the art industry in particular, and significantly change how the world values art. NFTs give artists a unique opportunity to monetize their work and most importantly, show them off to the world and get the recognition they deserve.

Why are people willing to pay thousands, even millions of dollars for an NFT?

Some people invest in NFTs because they’re awesome and fun to collect. There are lots of passionate individuals out there who love collecting art and adding them to their collections. While others buy NFTs to support their favorite artists and try to connect with them. Through NFTs, artists and fans can now directly connect with each other and even create meaningful communities. Then there’s this group of people who speculate on these assets, hoping to make a fortune out of their NFTs. These individuals believe that someday, the NFTs they’ve bought could be worth way more than what they paid for them.

As you can see, collecting NFTs is almost similar to collecting physical items like magazines, action figures, paintings, movie posters, and other collectibles, except for the part where you need to clear up some space in your room for your collections. Your NFT collections, on the other hand, are stored somewhere in the blockchain which runs on your device. Very convenient, right? And another cool thing, you don’t really need to dust them off.

Now that you’ve grasped what NFTs are and why many people value them so much, let’s take a look at some of the most popular and most expensive NFTs. Including a tweet sold as an NFT. You’ll surely be thrilled to know which NFTs sold for millions! Are you excited? Then let’s continue by reading this.

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