It would be hard to deny that 2021 saw the rise of NFTs. Projects such as CryptoPunks and Bored Ape Yacht Club made waves in the crypto community by generating millions in auction sales, and major companies such as Nike Inc. (NYSE: NKE) and Adidas AG (OTCMKTS: ADDYY) entered the space as well. However, NFTs are rarely expressed in terms of fiat currency, so many are unaware of how much they actually cost. This article takes a look at the prices of NFTs and what they mean.
What is An NFT?
The term NFT stands for non-fungible token. It is essentially a way to represent digital media on the blockchain in forms ranging from pictures to songs. By storing it on the blockchain, people can verify ownership of each NFT. The blockchain is unchangeable, so the record of an NFT and who owns it is 100% accurate and can be seen by anyone.
Owners of an NFT can use this feature to prove sole ownership. While the technology is mainly used for pictures now, many see other uses in areas such as real estate.
How Much do NFTs Cost?
Since NFTs have different creators…