Despite their meteoric rise to public attention in early 2021, recent surveys conducted in the U.S. show that a large proportion of the general population possesses a limited understanding of non-fungible tokens (NFTs) and knowledge of their functions.
First launched in 2017, NFTs are tradeable digital assets that exist on a blockchain and represent rights in an object that is usually digital but can also be physical. The NFT is verifiable and cannot be easily forged.
The first quarter of 2021 saw a dramatic increase in the discussion and activity around NFTs. Arguably much of that was triggered by NBA Top Shot that has generated more than $600 million in sales and attracted a broader audience to the space previously known mainly to cryptocurrency enthusiasts. In March, an auction hosted by Christie’s led to the $69.3 million sale of an NFT created by the digital artist Beeple.
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