How NFTs are Gaining Traction in the Cryptocurrency Industry?

Here we have explained how NFTs are gaining traction in the cryptocurrency industry

According to Bloomberg on Thursday, the New York Stock Exchange is entering the non-fungible tokens (NFT) market with intentions to treat digital assets the same way it treats equities. Numerous athletes and celebrities from home are entering the world of NFTs.

Bhuvneshwar Kumar, an Indian pacer, is planning to create his NFTs, but he is not the first cricketer to do so; others include Yuvraj Singh, Dinesh Karthik, Sunil Gavaskar, Rishabh Pant, and Virender Sehwag.

Jhulan Goswami, a veteran Indian pacer, was one of the first athletes from India to enter the NFT globe. Numerous celebrities, including Salman Khan and Amitabh Bachchan, have released their collectibles in the form of digital assets.

According to research by DappRadar, 2021 marked the NFT market's biggest year, with over US$23 billion in trading volume. Over 4.5 billion dollars have been traded in-game NFTs, which will make up 20% of all NFT sales in 2021.

According to a survey from Blockchain company Chainalysis, NFTs gained attention for their exponential growth in sales from just $106 million in 2020 to US$45.2 billion in 2021.

This begs the question: What is an NFT, and why is it becoming more and more popular in India?

With the recent cryptocurrency boom, collecting digital art has become popular. Crypto fans are overspending on everything, from Bored Ape to CryptoPunks.

NFTs are gaining traction in the crypto industry. They use blockchain to track who owns things like music, photos, videos, and other content. They are bought with cryptocurrencies in the cryptocurrency industry.

Non-fungible refers to anything being distinct and unreplaceable. Money is fungible, for instance; you may exchange one for another and get the same value. Even cryptocurrencies can be exchanged. NFT is special because no two works of digital art are the same in value.

Exclusive ownership rights are another benefit of NFTs, therefore a digital work of art can only have one owner at a time.