What you should know before buying or selling an NFT in the US

What you should know before buying or selling an NFT in the US

Nonfungible tokens appear to be an idea whose time has come. Originally developed for use with collectible trading-card games, NFTs can represent almost any unique asset. Outside of the gamer context, the first NFT to gain widespread popularity was probably CryptoKitties, which were released back in 2017.

Related: CryptoKitties’ Dieter Shirley on breaking Ethereum and NFTs

CryptoKitties became so popular that at one time, CryptoKitty trading clogged the Ethereum network, setting records for transaction volume. NFTs have only grown in popularity since then, and have now been developed for a range of in-game assets, digital collectibles, unique artworks and more.

Trending: BREAKING: Egypt Just Seized The Ever Given!

Related: Not just for gamers and fanboys: Why investors should take NFTs seriously

The “Non-Fungible Yearly Report 2020” demonstrates the phenomenal growth of NFT transactions, showing an increase in market capitalization of NFTs from $141.5 million in 2019 to $338 million in 2020.

This comment focuses on NFTs associated with creative works of art. At this point in time, by far the most famous

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