NFTs, or Non-Fungible Tokens took the world by storm in 2021, with various high-profile NFT collections reaching millions of dollars in selling price. These digital assets are unique and cannot be replaced or exchanged one-to-one. Built on blockchain technology, NFTs provide proof of ownership and authenticity for digital content, such as art, music, videos, and collectibles.
The hype surrounding NFTs has been fueled by a combination of factors, including celebrity endorsements, media coverage, and the promise of democratizing various industries. With the rapid rise in popularity, NFT marketplaces have emerged to facilitate the buying, selling, and trading of these digital assets. However, as with any new technology, the hype can sometimes overshadow the reality of the situation.
Despite the potential for NFTs to revolutionize various industries, the truth is that most NFTs currently on the market have no real-world use. The hype has led to an influx of digital assets with little to no value or functionality beyond speculative trading.
Most NFTs are digital representations of…