NFT or Non-Fungible Token is one kind of Crypto asset. NFT has a unique value and can be traded across platforms. In essence, NFT forms a class of cryptocurrency that does not have a standard value, but rather a unique value that relates to the commodity exchanged against it.
As the NFT market adapts itself to consumer preferences and the innovative ways of a new generation, it is definitely here to stay with the pandemic and influx of simple, cost-effective, and convenient minting platforms, protocols, and marketplaces.
NFTs are digital files whose identity and ownership can be verified on the blockchain. You can also browse https://rfyn.io/ to know more about NFT.
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The question you need to ask yourself is what is so special about this NFT and why we are seeing an increase in NFT transactions. Let us understand some of the reasons behind the trend of NFT.
Incredible NFT growth trajectory
Initially, NFT was just an indispensable token with little fame outside the blockchain crowd, but that started to change in 2017 with the launch of CryptoPunks, the world's first "rare digital arts" marketplace.
As the demand for NFT grew, the market flooded the market, helping collectors access and acquire them more easily, but less for artists.
Transformation of the value proposition for creators
One of the reasons the NFT trend is so spectacular is because it is changing the value proposition for content creators. Instead of attracting publishers, galleries, or record companies to generate revenue from their work, artists can take a larger share of the revenue. It also breaks down the traditional distinction between writers and users.
Moreover, the rise of crypto-rich billionaires and deep-pocketed investors helped digital art gradually become more widespread and, to some extent, even become a status symbol.