The market for non-fungible tokens (NFTs) surged to new highs in 2021, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020, marketplace data showed.
An NFT stands for Non-fungible token, a crypto asset, representing an intangible digital item such as an image, video, or in-game item. Owners of NFTs are recorded on the blockchain, allowing an NFT to be traded as a stand-in for the digital asset it represents.
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Sales volumes have remained high despite the uncertainties, some NFT enthusiasts see them as collectibles with intrinsic value because of their cultural significance, while others treat them as an investment, speculating on rising prices.
Monthly sales volumes on OpenSea, a major NFT marketplace, reached a record high in June.
in Kenya, World Champion Eliud Kipchoge sold two NFTs on auction. They represent his career milestones on the blockchain and are digitally signed and officially approved by the hero himself.
