2021 Saw NFT mania begin as many people started buying and selling NFT’s with some going for ridiculous prices. The NFT artworld was the gamechanger in the art industry which saw the most expensive digitalised artwork by Beeple called “Everyday: The first 5000 days” (image above) sell for an incredible $69 million through Christie’s auctions, the third most expensive artwork ever sold in the world.
Standing for “Non-Fungible Tokens” they have unique encryption differing them from other tokens they cant be sold or exchanged for anything equivalent to it. So basically each NFT is exclusive and irreplaceable. They are the opposite to cryptocurrencies that are fungible that can be exchanged or traded for their equivalent i.e. a Bitcoin can be sold and another can be bought with equal value.
