Why are Non Fungible Tokens suddenly selling for millions of dollars?

Non-fungible tokens are non-fractional and unique tokens representing the ownership of a physical or digital asset.

These tokens have a wide range of applications in the sectors like art, gaming, real estate, music, entertainment, etc.

There are two major reasons that make non-fungible tokens(NFTs) popular and expensive.

1. NFT guarantees the ownership of the creator over any asset. Traceability increases the buyers’ trust by providing them with the complete ownership history of the asset, thereby promoting authenticity.
2. Most NFT assets are rare collectibles, so the demand for these assets creates a huge craze among the collectors. Buyers are ready to spend millions in NFT just to acquire the ownership of exclusive collectibles.

At present, NFT is a billion-dollar industry that creates a way for numerous businesses.

For example,

The popular digital artist Beeple sold the most expensive nft ‘Everydays: The First 5000 Days’ in an auction for $69 million.

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