Despite the fact that Web3 is still a new idea and Big Tech is very much alive and well, several trends are already quite significant from an eCommerce standpoint. One example is the fervor for NFTs or Non-Fungible Tokens. The thirst for digital assets is already driving insane bidding wars for anything from the Nyan Cat, which sold for over $600,000, to an original tweet from Twitter CEO Jack Dorsey, which went for a whopping $2.5 million.
Before we move any further, let's take a step back and look at the NFT category. NFTs are a form of cryptocurrency asset. NFTs are unique, one-of-a-kind digital artifacts that are part of the Ethereum blockchain, and they range from music and art to games and even tweets. NFTs are generally purchased and traded online using cryptocurrencies. While traditional money and bitcoin are "fungible," meaning they may be traded for one another, NFTs are distinct (thus the name "non-fungible"). Each NFT has a digital signature that cannot be changed, and owners may use that signature to authenticate ownership.