As all NFTs are different, they cannot be exchanged or traded at equivalency. This is something that sets them apart from cryptocurrency which are identical and can be used in a variety of commercial transactions. However, NFTs can be efficiently purchased and sold with a reduced probability of fraud, with every transfer of ownership clearly recorded in the blockchain.
NFTs have recently been experiencing an enormous increase in popularity, with demand rising so significantly that investors are paying millions of dollars to own one or more of these innovative digital assets that cannot be copied.
A statue of basketball star Lebron James sold for more than $21.6 million on the NFT marketplace. LeBron is believed to have personally benefited from the sale.
There were 1.538 million NFT art sales between October and November 2021. Over the whole of 2021, there were more than 11 million art sales, according to some of the most recent data.