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How NFTs Are Fueling a Boom in Digital Art

Digital tokens spark art market frenzy as collectors buy blockchain bragging rights.

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Last month, we looked at how NBA Top Shot sells digital basketball cards for thousands of dollars through its online marketplace. Since then, non-fungible tokens (NFTs) like Top Shot cards have skyrocketed in value, with one viral gif selling for $600,000 while a NFT artwork was sold through Christie’s auction house for tens of millions. This video explains how NFTs operate along with their possible drawbacks. 

Questions:

  1. How did some NFTs come to be worth thousands or even millions of dollars? Where does their value come from?
  2. What are some possible drawbacks of NFTs?
Author: NickelsMcHughMcHugh