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What is NFT?
An NFT, which stands for non-fungible token, is a unique unit of data employing technology that allows digital content.
"Non-Fungible Token" is a non-fungible asset that is unique and cannot be split. NFT provides the owner of native digital assets with proof of ownership, which can live outside of a centralized server or repository. Most NFT projects are for digital collectibles, video game assets and virtual worlds, with well-established ecosystems and trading platforms. Token minting and trading platforms allow you to easily create NFT tokens, view NFT contracts and trade NFTs.

Value of NFT

  • NFT revolutionized the traditional fine art trading models
Digital art generally refers to artistic work created using digital technology. Unlike traditional artwork, digital art is more flexible when it comes to the form of expression. NFT can serve as a transactional 'entity' for digital art by mapping the file of a certain digital artwork. In such trading, NFT is not only traded as copyright or ownership, but also serves as a unique link between the artist and the collector.
  • Innovative circulation, collecting, use and flexibility
The NFT crypto- collectibles market allows users to trade and transfer NFT collectibles conveniently and auction their collectibles at a fraction of the cost. With the NBA Top Shot Packs, users have the chance to get a rare collectible worth tens of thousands of dollars, which attracted many people. In the Cryptovoxels virtual world, users can showcase NFT artwork they own in the game and it has value in the virtual world.
  • Achieving artwork traceability
In the traditional collectible market, there is often a concern that when one purchases an artwork, the item may be deemed to be fake by an authenticator. Once the NFT is registered on the blockchain and the public offering is completed, all data can be verified publicly and independently. As NFTs are unique and transferable, one can use them to prove his/her ownership in case of forgery or infringement. In the world of blockchain, NFT protects the artists' copyright, which further increases the value of NFT artworks.
  • Building a new incremental art market
As of this March, 2021, the cumulative trading volume of NFT artworks reached $546 million with the total transaction count exceeding 190k. In the world of blockchain, NFT can be combined with many elements, including lending and gaming. NFT is also becoming more and more accessible, as a painting, graffiti or a toy can be an NFT. If these assets can be successfully "NFT-ed", the market expansion to come will be extraordinary.
  • Technology: NFT is being used in many areas in real life
Blockchain-based NFT was created to give digital assets a unique marker. NFT is valuable because it's authentic, transferable and provides ownership. The top 3 NFT applications are collection, arts and sports. They accounted for 48%, 43% and 4% of the global NFT market in NFT market composition 2021.
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