NFTs or NON-FUNGIBLE TOKENS

According to Reuters, Non-fungible tokens or NFTs are a new type of virtual asset that has fuelled much of the growth in the metaverse.

An NFT represents 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.

The NFT market has surged during the pandemic with $2.5 billion in sales for the first half of 2021, compared with just $13.7 million a year ago.

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.