Nonfungible tokens — most often digital art such as cartoonish-looking apes and penguins — saw their daily average price last year go from $128 to nearly $4,000 , according to NonFungible. OpenSea, the biggest NFT marketplace, recorded its best month ever in January.
Read moreHow much should I charge for an NFT?
The costs to develop an NFT can vary greatly depending on the type of market. The developer must create code to enable the NFT to function for free. This can cost anywhere from $7 to $150 , depending on the complexity of the project. It is up to the creator what format an NFT takes.
Read moreCan you buy an NFT?
They are bought and sold online , frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork.
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