Why the $12 billion (and growing) NFT market needs 5G

What does that mean? When something is “fungible,” such as the U.S. dollar or a cryptocurrency such as Ether, stored on the Ethereum blockchain, one unit is always worth another unit. A nonfungible token represents a unique, indivisible asset. It has relative value that is dependent on a number of factors including scarcity, access, certification and more. NFTs can be used to authenticate and certify ownership of a good or service, access to an event, or even a membership into a club or community. They can also exist as purely digital entities.

While NFTs continue to evolve from fodder for an SNL skit to a technology we might use in our daily lives, many of the perceptions around them are likely to shift. As we’ve witnessed with recurring record-breaking sales just last year, NFTs are a growing means to buy and sell art and other collectibles: They are immutable certifications of authenticity, evidence of provenance and can help artists or their estates receive royalties in perpetuity.

5G may be a natural partner to the NFT market as its low latency, lightning speeds and load capacity can provide, among other benefits, the ability for art owners to experience complex assets that move beyond static images to the interactive and immersive.