The NFT space has seen a massive growth in popularity since it began. Artists and digital creators who took advantage of this Niche have witnessed significant growth in their careers. The most interesting part of it is that creatives also get a percentage any time their works are sold and the have all the credit as well.
NFTs an acronym for Non-Fungible tokens, are simply unique assets that cannot be replaced by any other thing. They are simply tokens used to represent ownership of assets, which means things like art, music and collectibles can be tokenized.
The NFT space has been around since 2017, however it has gained massive popularity because of sales this year. A very good example is a Beeple artwork that sold for a $69 million dollars, that’s a crazy amount, right?
Crypto Millionaires are so interested in NFTs that they don’t mind spending so much money on them, ignoring the fact that these digital artworks can be downloaded on their mobile devices. This shows that they believe so much in it.
However, there are rumours that the NFT space is being used for money laundering. A crypto Analyst, wrote an article in his Medium to express his thoughts on the issue. He clearly explained that NFTs serve as a channel for rich people to move money gotten illegally through a medium that makes it seem Legal.
The crypto Analyst, Mr. Whale explained that money is easily moved through NFTs because of the subjectivity of art. An artwork could look ridiculous to one person and extremely beautiful in the eyes of another person.
He continued by stating that it’ll be a hard thing for governments to regulate NFTs noting that it’ll be difficult to tell if the pieces of art are worth the value people paid to get them.
