Bursting onto the global stage on Twitter amid a wave of cartoon primate avatars as profile pictures, the digital technology behind NFTs has progressively branched out into numerous industries… but not everyone is convinced.
Just about anything that can be digitised can be turned into non-fungible tokens, known as NFTs, which have weaved through parts of the art world, music, gaming, sports to even property purchases.
The NFT market has boomed, surpassing $40bn last year and endorsed by celebrities like Grimes and Madonna.
“While most people will know NFTs as rappers buying £3m cartoon monkey pictures, there is so, so much more that they can and will be used for. Profile pictures are just the first development of this technology,” Tom Rodgers, Head of Research at ETC Group, told Prolific North.
Based in Chorlton, Rodgers is a former freelance crypto journalist who now works for ETC Group, a London-based issuer of crypto, digital assets and metaverse ETP (Exchange Traded Products) and ETFs (Exchange Traded Funds).
“The really cool thing about NFTs is that they allow brands to do things they could not do before. That’s the root of it really.”
