What can’t you sell as an NFT? Jack Dorsey’s auction of Twitter’s first tweet has a highest bid of US$2.5 million, while a clip of NBA star LeBron James sold for over US$200,000
- OpenSea, ‘the eBay on the blockchain’, sells US$20 million worth of items a week, from virtual real estate to non-fungible token items like CryptoKitties
- Decentraland is a ‘more sophisticated Minecraft or Fortnite’ while Axie Infinity is an Ethereum game selling Pokémon-like characters as crypto-collectibles
Non-fungible tokens or NFTs – products that operate as non-exchangeable digital assets – have grown to comprise a US$250 million market, according to a 2020 report from tech-tracking company L’Atelier BNP Paribas and nonfungible.com.
Investments in NFTs rose 299 per cent in 2020, gaining popularity as cryptocurrencies like bitcoin continued to boom, according to the report.
NFT creators and resellers have made millions. In February, an art collector sold a 10-second video artwork for US$6.6 million after buying the Beeple project for US$67,000 in October – nearly a 1,000 per cent profit.
NFTs encompass anything from digital trading cards and art to virtual real estate and gaming.
Unlike popular cryptocurrencies like bitcoin and ether, NFTs cannot be directly exchanged with one another and are spread out across numerous different types of platforms.
Most NFT platforms require buyers to have a digital wallet and use cryptocurrency platforms like Ethereum or World Asset eXchange (WAX) or Flow.
Here’s what you need to know about where to buy and sell NFTs.
Digital art has brought in millions for creators and sellers
