According to Wikipedia, the first known non fungible token (NFT) was created in 2014 and the first NFT project was launched in late 2015. It took a few more years and more projects for the concept to trickle into the consciousness of the general public, and then a few more for the massive investments into NFTs to follow. 2020 and 2021 saw hundreds of millions of dollars being spent on NFTs. The boom was obvious but baffling to many, as buying an NFT of a piece of digital art – a song, a photo, a video, an in-game collectible item, etc. – does not mean that you get copyright, intellectual property, or other legal rights to the digital asset the NFT represents. “Most often associated with digital art, NFTs are considered to be the modern equivalent of an art collection. Only a certain number of NFTs are produced for a project and they have a variety of traits, which can contribute to the value of an NFT from a rarity standpoint,” Narang explains.
Read more : How to keep your NFTs safe from scammers.
