The term “digital ownership” has only recently come to mean anything. While nonfungible tokens (NFTs) have been around for some time now, it’s in the last year or two that they’ve caught the attention of mainstream media. The third quarter of 2021 alone saw over $10 billion in NFT trade volume across blockchains, a substantial increase from Q2’s $1.2 billion.
NFTs are unique digital assets that represent ownership. As proof of ownership, NFTs extend from things like art and digital collectibles to real estate and other physical assets. This is causing a tectonic shift in a wide range of industries, improving the efficiency of ownership transfer and breaking new ground in terms of what digital assets can offer.
According to Jonathan Choi, chief investment officer at Metaplex