The NFT craze has taken the world by storm – and it is showing no signs of stopping. An NFT stands for a non-fungible token, which means that it is unique and not interchangeable. It is effectively a unit of data stored on a digital ledger on the blockchain.

The possibilities for Non-Fungible Tokens are endless – they can be used for a whole range of things including art, music and historic tweets just to name a few. As an example, while a $100 bill can be swapped with other notes of the same value, this is not the case for NFTs.

Each NFT is unique and this is where much of its value comes from. Pieces of digital art have been selling for millions of dollars and changing the lives of individuals. While the way this is being done would have seemed unthinkable years ago, times are changing. Among the many success stories for NFTs was the Bored Ape Yacht Club collection. A set of 101 NFTs from this collection, featuring images of cartoon apes, sold for a whopping $24.4 million in an online sale.

While this massively exceeded estimates for how much it would sell for, it was a clear indication of the strength of the market and remarkable demand for NFTs. But while that is a huge sum, it is some way behind the $69 million price tag for the Everydays: The First 5000 Days digital work of art.

Meanwhile, Twitter CEO Jack Dorsey also made an impressive amount from an NFT. He sold his first tweet as an NFT for more than $2.9 million. The tweet was first published by him all the way back in 2006.

The NFT market is opening up unlimited opportunities for people. This new potential source of income cannot be underestimated. While some believe the NFT market is a huge bubble waiting to burst, others believe it has long-term sustainability and rightly so.

NFTs are sure to be around well into the future, along with cryptocurrencies. Of course, many projects will crash and disappear, but there will continue to be a place in the market for valuable NFTs in the years to come. With an NFT, the unit of data being stored on a digital ledger certifies that it is unique and not interchangeable. While copies of NFTs could be made, they are stored and tracked on the blockchain which provides the owner with proof of ownership. The popularity of NFTs has exploded and now enables creators to monetise their work like never before.

Clearly, Non-Fungible Tokens have made a huge impact in the market already. But, of course, it remains to be seen exactly what the future holds for them. However, there is no doubt that NFTs are here to stay – and the opportunities that they will bring with them are going to be endless.

Amid the huge and rising demand for NFTs, this is your chance to get educated on them so you can get your cut of the pie too.