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These days, everyone is talking about NFTs, or non-fungible tokens. Irrespective of what you think about NFTs, there’s little doubt that the market for NFTs has exploded. Recent estimates suggest a market value close to $40 billion, which is a hundred times larger than four years earlier.
As with everything new, speculations abound. Some people think that NFTs have reached a tipping point, and the bubble is going to explode. Others suggest that this is only the tip of the iceberg, because the NFT phenomenon is just beginning to go mainstream. The variety of sentiments confuses investors who are already disoriented by the chaotic environment, unable to decide whether to invest in NFTs and how much value a specific NFT project holds.
In truth, such confusion results primarily from misunderstandings about NFTs. In fact, non-fungible tokens are more than just digital images floating around the internet. Similarly, it's also true that not every NFT project is worth your investment.
Here’s a look at NFTs, why they have a future, and what makes a good NFT project.