Monday, May 20, 2024

Improved access helps NFTs rack up billions in sales

The popular certified digital objects known as non-fungible tokens (NFTs) have spawned a new generation of collectors convinced of their huge potential, Tech Xplore reports. NFTs, which are digital objects such as drawings, animations, pieces of music, photos, or videos whose authenticity is confirmed by blockchain technology, generated nearly $2.5 billion in sales over the first five months of 2021, according to the specialized NonFungible website. The big auction houses sell them regularly, as Sotheby’s is doing through June 10 with its “Natively Digital” sale. The emergence of websites including OpenSea and Nifty Gateway allows artists to sell their works directly while enabling collectors to buy, store and resell them, making the NFT world almost as accessible as the stock market.

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