The global community is currently discussing NFT, and you may have heard of NFT. Then what is NFT? Why is this new technology so popular?

Understanding NFT

NFT stands for Non-Fungible Token. It can be interpreted that NFT is a technology-based digital asset that cannot be exchanged because it is unique and cannot be copied or replaced. Examples include the statue of liberty, Monalisa painting, collectibles, and other assets.

This NFT has a unique code on each token, this particular code that makes the NFT cannot be replicated.

Why is NFT popular?

1. factor to the original

NFT has a token similar to a certificate of authenticity, making it easy to track ownership history and transaction records. Thus, it cannot be duplicated and minimizes fraud. Blockchain will verify and prove the validity of a file.

2. exclusivity factor

Because it has a rarity value, makes collectors feel satisfied when they have a valuable collection, and even allows some people to be willing to pay a high price, this is what makes NFT very popular.

3. celebrity factor

Celebrities who contributed to the NFT, such as Jesse Schwarz, bought a clip in a basketball game from the Lebron James dunk for $208k. This certainly boosts the level of popularity of NFT, which is being widely discussed.

Example of the most expensive NFT in the world.

The most popular and expensive NFT projects are in the visual arts field. One example of NFT that is quite popular today is Everydays: the First 5000 Days. Mike Winkelmann, also known as Beeple, is an artist who has created a collage of 5,000 individual images created one per day for more than three years. Sales of the work for US$ 69,346,250

Conclusion

The development of Non-fungible token technology offers various conveniences, especially for content creators. In addition, NFT is a natural and virtual asset transaction opportunity, which will break conventional transactions in all fields, especially games, arts, sports, and technology.