News Digest

Making Sense of the NFT Marketplace

Non-fungible tokens (NFTs) may seem like a passing craze, but with over $10 billion traded in the third quarter of 2021 alone, it’s become clear that this emerging technology — a blockchain-based tool that enables anyone to monetize digital content — is growing into a major industry. In March of this year, musician 3LAU collaborated with crypto startup Origin Protocol to create a specialized platform to sell his new album as an NFT, where it ultimately sold for $11.6 million. Visual artist Beeple famously sold a tokenized digital artwork for $69 million through Christie’s auction house, and the NBA’s Top Shot, which is owned by crypto platform Dapper Labs and enables fans to buy and sell tokenized video clips of basketball game highlights, has generated over $715 million in transaction volume.

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