Analysis of potential NFT applications

Abstract

The Non-Fungible Token (NFT) market has seen a huge leap in popularity in previous year (2021). Sales of nonfungible tokens have increased from $82 million in 2020 to $17.6 billion in 2021 reflecting a huge spike of interest in the new technology. Over 2.4 million new crypto wallets started trading NFTs in 2021, as compared to only 89,000 in 2020. This sudden increase in popularity has attracted huge attention from industrial and scientific communities. It was widely debated whether NFT ecosystems are the next step in the internet evolution, or they will never find their place in the real world. The non-fungible token technology is in its early stage, and currently it is mostly used in collectibles, arts, and gaming industry. In this paper, we will explore other possible applications of NFT technology in the future.