NFT Value Explained

 

An artwork named Everyday’s: The First 5000 Days was sold for $69 million. It is not a new thing for a piece of art to be sold for an eight-figure price. However, this one got much attention because the art was sold as a non-fungible token (NFT). An NFT is an electronic record that represents an image that can be found in the digital world.

To put the above story differently, someone bought a picture on the internet for almost $70 million.

The popularity of NFTs has surged since then, attracting the attention of celebrities and notable figures globally. Today, NFT sales worth hundreds of millions of dollars are recorded daily on NFT marketplaces such as Open Sea, Rarible, Super Rare, and others. This has left many people with questions on what gives NFT value, especially considering that NFTs only represent the “ownership” of a digital artwork that one can download for free. This article has everything about NFT value explained.

 

 

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