NFTs and their growing craze in the market

NFTs and their growing craze in the market After an outstanding growth of cryptocurrencies in the market, NFTs are exclusive digital assets that are gaining considerable popularity in today’s time. The tokenized forms of physical or digital objects are selling out at jawdropping prices. People are paying millions to secure ownership of unique and irreplaceable assets. Even though the copy of such assets can be downloaded easily from the internet, NFTs’ popularity seems unstoppable.

NFT (Non-fungible tokens) - is the digital form of unique, rare and nonexchangeable asset, ownership rights of which are stored on blockchain technology. The ownership of the assets can be easily traced through the distributed ledger. The non-fungible property of the tokens makes it impossible to exchange them with other assets.

In 2021, numerous NFTs were sold at extremely high prices empowering the NFT industry to make a sale of 40 billion dollars in the year. The sale of NFTs at immensely high prices continues in the current year.

Justin Bieber’s recent purchase of NFTs from the collection of “Bored Apes Yacht Club” worth 1.3 million dollars is evident that the NFT industry’s crazy being on fire.

Almost every day, NFTs are successfully securing their place in the headlines for different reasons. It may be an NFT dropped by the biggest celebrity, an NFT purchase at an extremely high price or unique use of these tokenized assets.

The increasing curiosity for NFTs was recognized recently, in November, when an Indian couple tied the knot with a blockchain wedding. They had a digital priest who minted their wedding NFT in Opensea- a popular NFT Marketplace. The guests attend the wedding through Google Meet which lasts for 15 minutes. With the development in technologies, digitization is expanding its roots in our lives. People, in order to be a part of the trendiest technologies, experiment with the latest concepts.

Why are NFTs expensive?

Although NFTs are popular and trendy nowadays, many people wonder about NFTs being sold at such unreasonable prices. Does it really make sense to buy a digital asset that can be copied easily?

One of the biggest reasons for NFTs being desirable is their unique characteristics. These are the scarce digital assets that do not appear often in the market. That’s what drives excitement and curiosity among the investors to own an NFT. Another reason for the huge selling prices of some assets is the NFTs being dropped by famous personalities. Several celebrities from the film industry, sports industry and even political sector are launching their NFT collections, contributing to an explosion in NFT market’s popularity. Followers of the biggest celebrities are willing to pay in million for their favorite artists’ NFTs. This scenario offers an opportunity for the fans to connect with their idols by purchasing the NFTs. Being involved in the digital world has become a new norm in the current scenario. Beginning the creation, selling, buying or trading of the NFTs is super easy when you opt for a user-friendly NFT Marketplace such as Novuszilla. Their NFT Marketplace makes it highly convenient for the users to merge with the NFT community. You can register yourself with them to make an easy move in the NFT industry.