The non-fungible token (NFT) market tripled in 2020, with the total value of transactions increasing by 299% year on year to more than $250m, according to a new study released by NonFungible.com, an NFT market analyst firm.
Non-fungible tokens (NFTs) are unique blockchain-based digital assets that represent tangible and intangible items, ranging from virtual kittens and digital collectible cards to crypto art and in-game items.
Non-fungible means that an asset cannot be readily interchanged for another. Instead, each non-fungible token represents one unique digital asset.
In contrast, fungible tokens are interchangeable for another token of the same type. Examples would be utility tokens, reward tokens, or digital currencies. The NFT economy is a vast ecosystem of different types of non-fungible tokens, ranging from obscure and entertaining to sophisticated digitized versions of real-world assets. Crypto Art, Trading Cards, Gaming Collectibles, Virtual Assets, Sports Collectibles are a few of them.
Many marketplaces have emerged recently where people can buy and trade NFTs. These marketplaces unfortunately have high transaction fees.