An NFT is a unique digital token stored on a blockchain that proves ownership of a specific digital item — art, music, video, game items, or anything else. Unlike currencies, each NFT is distinct and cannot be directly exchanged 1:1 for another. The NFT boom of 2021 saw billions traded, before a sharp market correction.
2017
CryptoPunks and CryptoKitties launch — first major NFTs
2021
Beeple sells an NFT artwork for $69 million at Christie
2021
OpenSea exceeds $3B in monthly trading volume
2022
NFT market collapses — volumes down 97% from peak
2024
NFT market shows signs of recovery with new use cases
Provable digital ownership of art, collectibles, music, game assets, real-world assets
💡 Did You Know
CryptoPunks, launched free in 2017, became some of the most valuable NFTs — selling for millions each in 2021
⚠ Controversies & Red Flags
NFTs were widely ridiculed as speculation and environmental waste. Many "blue chip" NFT projects lost 90%+ of value.