If the existence of BTC is a safe-haven channel for people to fight against inflation and economic crises, then NFT is the collection market that has been given an artistic color in the crypto world.
NFT is the abbreviation of Non-Fungible Tokens, which means non-fungible tokens. Non-fungible tokens are also called non-fungible tokens.
What is a fungible token? For example, BTC, ETH, these tokens are all homogenous tokens, and they are interchangeable. That is to say, one of your BTC and one of mine are essentially the same, with the same attributes and prices. . And non-fungible tokens, or non-fungible tokens, they are all unique, like works of art, each is different. They cannot be replaced with each other, so they are called non-fungible tokens or non-homogeneous tokens.
This is also the most "precious" part of NFT, that is, unique. Just like in the long river of mankind, the most valuable things have never been replaced: the Mona Lisa, sunflowers, and bronze trees. With the changes of the times and the rapid development of the blockchain, abstract or concrete “art works” are gradually being replaced by NFTs. Represented.
Currently, NFTs are used in various fields such as games, artworks, domain names, collectibles, virtual assets, real assets, and identities. Among them, games, artworks, and domain names are developing most rapidly. These fields can carry huge commercial value, and there are many opportunities between them. Just like the artist Beeple, he has 1.7 million followers on Instagram and has cooperation with LV, SpaceX, Apple, Justin Bieber, etc., but his Previously, his works did not earn much income on Instagram, but on December 11, Beeple auctioned his selected works on the NFT market Nifty Gateway, earning more than 3.5 million U.S. dollars. Or as DJ 3-LAU, who recently auctioned a music album for $3.66 million, said "NFT returns the power of value to the artist himself."
NFT has appeared in people’s vision since the crypto cat incident in 2018. With the blessing of DeFi in 2020, NFT has once again magnified its value. The total sales of encrypted artworks are about 23 million U.S. dollars, and the market value has reached more than 550 million U.S. dollars. . Of course, these achievements seem insignificant in both the futures market and the derivatives market, but they have opened a door for encrypted artworks. Based on the cryptocurrency field of Ethereum, the value level of “artworks” has been qualitatively improved.
2021 is a different year for NFT. It seems to continue the DeFi explosion. More and more people are aware of the importance of "collection", even the NBA, UFC, Formula One, and Samsung These brand institutions all have their own unique brands, based on which they develop NFTs to enhance brand value.