What is the NFT that exploded with the metaverse?

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Recently, as Facebook officially changed its name to [color=var(--ignition-secondary-color)]Meta, the concept of metaverse has gained widespread attention. People have gradually noticed another emerging digital industry–NFT.

In fact, NFT has been on fire in the circle for a long time, a pair of NFT works by artist[color=var(--ignition-secondary-color)]Beeple fetched $69.35 millionat Christie’s auction house sky high, a few lines of TXT text Loot, it is worth 840,000, a CryptoPunks digital avatar is also worth 7.475 million.

Although how these things look like IQ tax to us ordinary people, it doesn’t stop NFT from calling all the way up in the cryptocurrency circle and even gradually achieving a broken circle.

The game, entertainment, and hip-hop industries have entered the NFT, and those characters and companies that sound unrelated to NFT have also played NFT, from Elon Musk to Yao Ming, from Coca-Cola to Disney and Marvel, from LV, GUCCI, eBay, Facebook, to Tencent, Ali and ByteDance, all have participated in the NFT field in their own ways. Overnight, NFT exploded around the world.

What is NFT?

Because of the popularity of NFT, Collins Dictionary ranked NFT as the number one word of the year in 2021, even surpassing the third-ranked metaverse.

NFT is fully known as Non-Fungible Token. According to the Collins Dictionary paraphrase, NFT is a unique digital certificate registered in the blockchain that can be used to record the ownership of your assets, such as artwork or collectibles.

NFT allows text, images, videos, and other types of things to have a unique identity in the digital world, and no matter how many copies are made, only the ones with the NFT identity are the originals.

NFT has traceability, Transparent characteristics, information that can not be tampered with, historical transaction records, historical property rights, and copyrights that are open and transparent. In theory, each NFT is unique, irreplaceable, and detachable.

What is the value of NFT?

The authenticity of NFT, providing ownership attributes and transferability together, forge its value. In terms of authenticity, NFT is based on the underlying blockchain technology, and its standardization and smart contracts make each NFT unique, and its authenticity can be proven.

In terms of rights, NFT provides a new, digital form of rights, anything of value can be on the chain, and only the owner of the NFT asset has the right to trade and transfer; in terms of transferability, as NFT is decentralized, so it can be traded freely without the need for a third-party intermediary, and the transaction process is faster.

What are the application scenarios of NFT?

There are many application scenarios for NFT, such as digital art collections. A 4-minute short film created by Gucci creative director Alessandro Michele, empowered by blockchain technology, became an NFT digital collection and was auctioned at a high price.

There are also virtual games that use NFT, such as Burberry’s collaboration with Mythical Games, a game platform, to launch limited-time NFT merchandise in the game, including the “Burberry Blanko” virtual image NFT jacket accessories and NFT shoes.

In addition to these crypto game assets, digital crypto collections, there are also some physical assets issued NFT, such as physical artworks, real estate, etc., can be obtained through NFT an online flow of identity credentials, the future, this technology may be God dragged to a variety of financial derivatives, personal identity data, and other fields.