Non-Fungible Tokens (NFTs)

Non-fungible tokens (NFTs) are digital assets that represent objects such as art, collectibles, in-game items, or just about anything that exists in the physical universe.

NFTs are stored on a digital ledger known as a blockchain which certifies the integrity and uniqueness of each asset.

Over the past few years, NFT technology has been growing massively and is expected to attract an enormous amount of value in the coming years because it enables the implementation and enforcement of digital property rights on the internet.

NFT technology will be crucial in the implementation of a decentralized metaverse ecosystem such as DigiVerse is trying to achieve.

The market for non-fungible tokens (NFTs) surged to $10.7 billion in the third quarter of 2021, up more than eightfold from the previous quarter, according to data from market tracker DappRadar.

At the beginning of 2021, the collectible NFT market started with $55.5 million. As new metaverses continue to launch, NFT land sales have started to reach physical world prices.

Decentraland fetched $2.43 million for land plots in November 2021, preempted by Sandbox selling plots of digital land for more than $650,000. All was kicked off by Axie Infinity’s record $1.5 million sale at the very beginning of 2021. All of these point to a growing demand for NFTs as we move from centralized to 3D decentralized internet architecture.