TL;DR Breakdown Aversano deployed the first NFT portrait photography.The total sales volume of NFTs in the art segment rose from $64 million to $774 million.NFTs ensure an artist is paid royalty whenever their art is used. As of July 2021, the NFT industry had garnered an estimated $2.5 billion worth of sales compared to only $13.7 million during Q1 and Q2 of 2020. Aversano, an artist known for deploying the first-ever NFT portrait photography, says he sold more than 100 NFT portraits between February and June. He said the sales earned approximately $130,000 within five months. The Twin collection in which he sold the 100 portraits are photographs of twins, which he says are in memory of his fraternal twin. What are NFTs? NFTs are non-fungible tokens which are real-life assets that are sold on digital platforms. The viability of NFTs depends on the uniqueness and the utility of possession. This means that tokens can only be relevant to an owner if he can prove ownership of the token. The tokens can range from unique pieces of art from artists to current assets like cars. The digital platform gives an easy and availed proof of ownership. Non-fugitive assets are made more desirable by the fact that they are unique and one of a kind. This makes them very valuable. According to Statista, the total sales volume of NFTs in the art segment rose from $64 million to $774 million within a record period of 30-days (August 15 ̵...
