Overview

Non-Fungible Tokens (NFTs) have taken the world by storm in 2021. Many in the crypto space were surprised by the massive growth of the NFT market and the various mentions by mainstream media this year. Unlike more complicated concepts such as DeFi, the general public could intuitively understand NFTs and the digital collectibles they represent. NFTs may very well be the killer blockchain product that the crypto industry has been waiting for to drive further adoption amongst the masses. Sales of NFTs have gained significant traction since the start of 2021. The NFT mania was kickstarted by the launch of Dapper Lab's NBA Top Shot - digital trading cards represented as NFTs featuring video highlights or Moments of top NBA plays. These NFTs, officially licensed by the NBA, garnered huge public recognition and marked one of the first successful forays of sports organizations into NFTs. Fans have taken their passion for NBA and began collecting digital cards representing their favorite athletes or sporting moments, giving birth to a new fan economy. Soon after NBA Top Shot took off, artists also turned to NFTs as a new gateway to marketing and monetizing their art. Christie's, one of the premier auction houses, further legitimized the art NFT movement by collaborating with NFT artists to auction off their artwork. The most prolific example was Beeple's historic $69 million sale of Everydays - The First 5000 Days . The crypto bull market of 2020-2021 also contributed to the NFT craze as crypto natives looked for a way to signal their status and wealth online, particularly on Twitter, Discord, and Reddit. With digital identities gaining more significance, digital avatars such as CryptoPunks have also quickly risen in value.

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