The AP Catches NFT Fever With Photo Marketplace Story

Non-fungible tokens (NFTs) have been making their way into nearly every facet of society, leaving no stone unturned. The popularity of these digital collectibles knows no bounds and has crossed over from blockchain-native circles to traditional sectors of the economy. 

Everyone from gaming company GameStop to auction house Sotheby's has moved off the blockchain sidelines and emerged with their own respective NFT platforms. NFTs can take the form of art, video, or even virtual land in the metaverse, to name a few types.

Nuts and Bolts

An NFT marketplace is a platform on which users can buy, sell or trade NFTs on the blockchain. OpenSea is the current leader, and it also lets users mint their own non-fungible tokens on blockchains like Ethereum, Polygon, and Klatyn.

NFT Market Landscape

The world has embraced NFTs across several different use cases. For the most part, NFTs are used as digital collectibles, with more than three-quarters of the market share, followed by art in a distant second, games, utilities, sports, and metaverses, as per data.