Art of the real: the intriguing post-bubble future of NFTs
Unfortunately, that initial run would prove short-lived. After reaching a monthly peak of USD 17 billion in January of this year, NFT trading volumes have fallen off a cliff, and are now down some 97 percent according to Bloomberg[2]. The First 5,000 Days” for USD 69.3 million in March 2021[1], it catalyzed a spectacular and highly visible bull run for NFT art and collectibles.
The term NFT, which dates to the Ethereum ERC-721 “non-fungible token” standard released in 2018[3], simply refers to a unique token that lives on a blockchain. Like their “fungible” cryptocurrency counterparts, NFTs cannot be copied or counterfeited. Unlike cryptocurrencies, they cannot be substituted for each other either. While one Bitcoin is, the same as another, each NFT is unique and uniquely identifiable. That is the point. NFTs are a key technology for creating digital assets.
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