![]() The broader market for NFTs and the related assets known as cryptocurrencies (digital “coins” that blockchains make scarce and therefore tradeable) hemorrhaged $2 trillion in July 2022 after soaring to $3 trillion eight months earlier. Measured in dollars, the sales volume for the NFT marketplace OpenSea fell by more than 95 percent from January 2022 to November 2022, according to data compiled by the firm Dune Analytics. These NFTs now sell for tens of thousands of dollars.īy the end of 2022, the year’s NFT sales had totaled more than $11 billion-but over that span, the market was extremely volatile. The Bored Ape Yacht Club, an NFT collection depicting a series of 10,000 cartoon primates, skyrocketed in value in early 2022 after a string of celebrity promotions. In March 2021, the digital artist Beeple sold an NFT for $69 million at auction to an investment firm seeking to promote digital art. Over the past two years, NFTs have garnered attention for the vast sums of money they have attracted: as collectibles, as speculative investments, and as displays of wealth. Most often, an NFT contains a URL that links to the asset, which is stored on a separate computer network. Importantly, NFTs don’t necessarily hold the data for the asset itself ( though some do), nor do they necessarily transfer copyright. These “tokens” can be made “non-fungible,” where one cannot be swapped out for another. This setup is meant to let computer networks maintain databases in a decentralized, redundant, and public way.īlockchains’ exhaustive record-keeping means that apps built atop them can create snippets of code that can be tracked as distinct entities and transferred from user to user. Instead of using third parties to verify transactions, blockchains rely on economic incentives and cryptography to make faking a transaction expensive and easy to spot. To understand NFTs, it’s useful to understand their underlying technology: the blockchain.īlockchains are computer protocols designed to get many computers to agree on the same sequence of transactions without trusting each other. Want to know more about NFTs? We’ve got you covered. As interest in NFTs-essentially receipts or signatures for digital assets-continues to increase across the world, artists and publishers have started to experiment with the technology. In recent years, a new digital file format has promised to revolutionize how things can be owned, bought, and sold across the internet: the “non-fungible token,” or NFT for short. Check out the Nat Geo Genesis NFT Collection live here. National Geographic will enter the NFT market with a limited time collection from 16 photographers. ![]()
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