NFTs Unveiled: The Rise, Fall, and Future
Do you remember the famous NFT called “The First 5000 Days” by Beeple? It was sold for $69.3 million. But what exactly are NFTs? Non-fungible tokens (NFTs) are assets like artworks, images, GIFs, videos, tweets, documents, and more. These tokens are created using blockchain technology, such as Solana, Ethereum, Cardano and others. Each NFT has some unique identification codes created through an encryption function from metadata. These tokens are then stored on a blockchain ledger while the assets themselves are stored in other places, the connection between the token and the asset is what makes it one-of-a-kind and irreplaceable. The very first NFT sold was “Quantum”, created by Kevin McKoy in 2014 on blockchain (Namecoin). With the advent of Ethereum blockchain in 2017, the NFTs started gaining much recognition. However, the NFTs market has experienced a dramatic roller-coaster over the past 3 years characterising a meteoric rise, rapid fall and now signs of revival...