- Non-fungible tokens, also known as NFTs, have exploded in popularity and value since last year
- Mostly digital collectibles like art forms, music, in-game items, etc., these digital assets are stored online in a blockchain
- An NFT-based Kiwi app is on track to generating revenue worth NZ$1 billion in the coming, highlighting the euphoria around these NFTs
NFTs have taken the digital space by storm as more and more people are shelling out a bomb to own these unique art collectibles. The craze has even engulfed the Kiwis, who are thrilled by the charm of investing in these.
Hence, this article would help us understand the NFTs and why are they becoming a craze in the Kiwi land.
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Know the NFTs
NFTs are non-fungible tokens representing real-world objects such as art, photos, music, an in-game item, audio or video files, and so on. Since they are sold and purchased online, these collectibles are stored on a digital ledger, i.e., a blockchain and have a unique digital code.
It is pointed out that NFT ledgers claim of providing a public certificate of authenticity or proof of ownership, as these NFTs are limited and are available through the owner. Hence, owing to this scarcity feature, the value of NFTs grows over time.
Demand for NFTs surge across the Kiwi nation
VeVe, NZ’s popular NFT app, which allows its users to buy, sell or trade in premium licensed digital collectibles, is on track of generating NZ$1 billion revenue in the coming year and has predicted that the said technology will soon become a part of every day lives.
The app gains nearly 20,000-30,000 new users a day, indicating the growing craze of NFTs among NZers.
Many other such companies have teamed up with brands like Disney and Marvel to launch NFTs of popular characters and are selling them to their loyal customers.
Some of the high-end Kiwi punters forking out a huge amount on these digital collectibles, boasts of having an NFT collection worth NZ$58,900.
According to them, unlike the physical art forms, these NFTs can be shown to people through one’s phone at any time or even while on the go as they are stored online, and people do not have to visit their homes to have a look.
Recently, Auckland’s Webbs auction house had sold two digital images taken between 1910 and 1920 of the country’s celebrated local artist, C.F. Goldie, for NZ$51,250 and NZ$76,250, respectively, which is much above the market expectations.
The said auction reflects the popularity and potential of the NFT space and the buyers' interests in this new-age digital asset class.
Moreover, last year in September, All Black legend Dan Carter and a bunch of local artists and entertainers had launched Glorious, a new NFT marketplace.
The charm for NFT is sure to grow more in the future as major companies across the world like Nike, Coca-Cola, NBA, etc., are foraying into this space.