The growth of NFTs in the last year has been unprecedented, with new real-world applications appearing almost every minute it feels like. The response to, and transaction volume on NFTs in NFT marketplaces, has been nothing short of spectacular. NFTs have been integrated into many significant industries over the last two years, including sports, gaming, arts, and music.
The cryptocurrency market can be extremely unpredictable due to its volatility rate of change, with new products and services arising from DeFi to NFTs to name but two key growth areas. Even so, there are innovations that would be laughed off as something that could never happen even in the diverse cryptocurrency space. The unprecedented rise and rise of meme tokens in the cryptocurrency space are one such paradigm-shifting phenomena. Meme tokens, led by DogeCoin created in 2013 as a joke version of Bitcoin, were dismissed in the cryptocurrency space as worthless tokens that were not worth holding, as they had no real utility.