What Is NFT and Why Is It So Popular?

Qube Crypto Space
3 min readSep 14, 2021

Blockchain has completely changed the way we think about money and created a true era of digital property. Bitcoin is the first successful use case for blockchain. Some creative developers believe they can expand the concept of bitcoin as a store of value and digital representation of currency.

The introduction of smart contracts has led to the emergence of many new applications on the blockchain, one of which is non-fungible tokens (NFT). These tokens are as unique as unique pieces of art.

NFT is a digital container in which you can save any information: graphics, music, document, program code, etc. Once a token is issued, it is no longer possible to change the information in it. But NFT can be transferred, like bitcoin, from one crypto wallet to another. That is, the owner of the NFT can change. The ownership of the NFT is retained on the blockchain network and can be confirmed at any time — information about which wallet a particular token is in is public.

Experiments with NFT began back in 2013–2014 with several tokenization projects on the bitcoin blockchain. But projects such as CryptoPunks, and then CryptoKitties, gained particular fame. In 2017, 10 thousand pixels “crypto-banks” were first distributed for free, then sold for a penny, and in 2021 the selling price of some of them amounted to 4,200 ETH. You heard right — $7.5 million for small pixel art.

Author: CryptoKitties Team

Today, such projects and works sold in the form of NFT for cryptocurrency are called crypto-art. Anything published in the NFT is considered crypto art by some. Others, however, view images created in a specific style as crypto art as part of the broader concept of “digital art.”

The increased interest in crypto art is due to several factors:

  • high-profile held and planned sales of digital works at Christie’s and Sotheby’s;
  • the popularity of digital twins of museums and virtual galleries with remote access in 2020;
  • the emergence of accessible online platforms for the purchase/sale of digital works with NFT technology;
  • attracting a new young audience through technology and digital currency;
  • growth in cryptocurrency rates;
  • acceptance of the value of virtual digital artifacts, thanks to computer games, virtual worlds, brand support;
  • new opportunities for artists and collectors to interact directly;
  • a decrease in Gen Z’s desire to own physical art objects with all the attendant concerns about them;
  • the urge to buy here and now at the moment, publicly demonstrating its status.

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Qube is a multifunctional crypto community that offers a range of decentralized finance (DeFi) services, swap protocol and staking app, as well as a cryptocurrency platform for creating and trading non-fungible tokens (NFT) and many other convenient features.

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Qube Crypto Space

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