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While NFTs are not a new concept, in their most current form they have risen from an obscure Ethereum blockchain standard to a crypto-mainstream expression of digitally tradable assets. They are used to trade everything from digital ‘punks’, breeds of cats, to one-off pieces of digital and sometimes physical art and assets.
NFTs are based on a series of robust token standards and enable a multitude of functionality to be exchanged by users in the crypto ecosystem. They have risen nearly overnight to a USD 2.5 billion industry in just the first quarter of 2021, with sales topping USD 208 million in August alone the highest ever recorded.