NFTs today have gained significant traction as a method of creating digital scarcity. The primary application of NFTs in the art community has been to mint underlying “deeds” that prove ownership to a limited edition of a piece of art. For example, sites like SuperRare will sell single edition artworks from artists like Beeple or Pak by minting an underlying NFT. Similarly to buying an actual Van Gogh painting as opposed to a print copy, purchasing a NFT is a proof of ownership and authenticity. It's an incredibly powerful concept, and it’s no surprise that it has gained rapid adoption. One unique piece of Beeple artwork on the Nifty Gateway marketplace sold for 6.6 million USD and another was auctioned at Christie’s, one of the world’s premier art auction houses, for over 69.3 million USD on March 11, 2021.