The Hype Market for NFTs Shows Our Need for Ownership, Even Over Digital Assets

Humans enjoy claiming things, which has especially grown during the pandemic

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Nonfungible tokens, or NFTs, have recently been the subject of an enormous amount of hype.

For the uninitiated, NFTs are tokenized versions of assets that owners receive virtual certificates of sole ownership for, which are tracked and traded on a blockchain. In essence, NFTs are speculative financial assets that can be attached to a multitude of virtual goods, such as memes, GIFs, songs and more.

One driver for the recent boom of NFTs could be the Covid-19 pandemic, which has potentially resulted in a greater need for vehicles of self-expression through digital channels.

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This story first appeared in the May 17, 2021, issue of Adweek magazine. Click here to subscribe.