NFTs have proven to be the darling of the blockchain. With notable artists, musicians and even sports stars releasing their own private pieces and collections. The most notable milestones were the Beeple piece, THE FIRST 5000 DAYS, which was auctioned off at Christie’s for $69 million. This proved to be a turning point for digital art and NFTs, which had gone from a place of digitized meme’s like Jack Dorsey’s first Tweet, gifs and songs, to an awakening of modern art, More than just collectible, this was a way that the art world could display more pieces to more people. It took art away from the few, where a piece attached to someone’s wall could now be viewed by millions of people in a digital gallery. However, NFTs hit a bump in the road. The news hit hard about how the minting of one single NFT could consume the same amount of energy as a household in the EU would use over the course of a full month. This marked a turning point for NFTs, with critics claiming that NFTs were bad news. And yet, despite the critics, according to Reuters, the market for NFTs surged to new highs in 2Q21, with $2.5 billion in sales so far, compared to just $13.7 million in the first half of 2020. And still, sales volumes are skyrocketing as OpenSea, a leading NFT marketplace, reports monthly sales volumes reaching a record high in June. There is, however, so much more to NFTs than meets the eye. This is an age where...
