In the last year, Non-Fungible Tokens or NFTs have taken the world by storm. Blockchain-based digital collectibles have completely changed the way we look at investments and assets. Digital art, music, fashion statement pieces, film posters and much more, the NFT world has been growing like never before.
NFTs are crypto digital assets that exist within a blockchain and are unique and exclusive. Every NFT comes with its own unique code and it cannot be replicated.
The NFT business goes into billions as some of the most unique ones can cost millions. To put things into perspective, digital artist Beeple sold an NFT for USD 69 million at a Christie’s auction. Twitter founder Jack Dorsey sold his first tweet for 1,630.58 Ether, which comes to about USD 2.9 million at the time of sale.
If you are wondering what determines the worth of these NFTs, then read on.
Though there are no actual rule books to go by, the credibility of the art and artist in the physical world plays the…