Posted by 2021 has been a breakthrough year for NFTs, with total sales volume hitting more than $12 billion as both investors and entrepreneurs descend upon the nascent Web3 space.
NFTs, or non-fungible tokens can be described as unique, irreplaceable, digital items that users buy and sell online.
NFTs use blockchain technology to keep a digital record of ownership, similar to cryptocurrencies.
They were first launched on ethereum, the same blockchain that supports the cryptocurrency ether, and to this day most NFTs can still only be purchased using ether.
In the past week alone, sales of NFTs hit $292 million, according to data from sources.
NFT are mostly applied to games, wherein a user chooses his own custom avatar and earns tokens while completing tasks.