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What is NFT

What is NFT?

Beeple NFT work $69 million
On March 28th, 2022, the No.1 internet KOL in the universe, Elon Musk liked an NFT popular science video and said the word "Nice". After that, Elon frantically shouted for single bitcoin and dogecoin, and now he is eyeing NFT again, then What the heck is an NFT? Why is it so hot? So today I will give you an interpretation.

Some time ago, a work by British surrealist artist Beeple sold for nearly 70 million US dollars at Christie's. A painter who has been in limbo for 13 consecutive years, became as famous as Van Gogh and Picasso in the blink of an eye. This matter is not only It has caused a sensation in the currency circle, and even made the art circle, investment circle, and collection circle explode. So what is NFT?

The full name of NFT is Non Fungible Token, which is a non-fungible token. Non-fungible tokens are relative to homogeneous tokens. Homogeneous tokens are our common Bitcoin and Ethereum. Tokens that can be exchanged for each other and can be split. My bitcoin is the same as one of your bitcoins, and it doesn’t matter if it is exchanged, and my bitcoin can be divided into two 0.5s or ten 0.1s, which can be divided continuously, so non-fungible tokens Refers to each unique and indivisible token. Then NFTs are unique in this world. When many people talk about NFTs, they often mention this homogenized token first, which is actually unnecessary.

NFT -Bored Ape

Friends who have studied philosophy know that there are no two identical leaves in this world, and every thing is unique. Essentially, your bitcoin is different from mine. At least its block and its private key are different. The reason why it is regarded as the same thing is because The value it represents is the same and is given by us, so in a sense, all tokens issued based on the blockchain are non-fungible tokens. The so-called homogenized token can be understood as a kind of NFT that can be divided. The above is an explanation of the concept of this NFT.

So in the Internet era, we actually already have many irreplaceable digital assets, such as domain names, mobile phone numbers, Facebook accounts, and assets in games. They are all irreplaceable digital assets, but some of them can be publicly traded, such as Speaking of domain names, even game items are traded in special markets, and some are not allowed to be traded publicly, such as real-name authentication mobile phone numbers, and Facebook accounts. Even if there is a transaction, it is private, and it is not recognized and recognized by the platform, which is a great risk. Regardless of whether it can be publicly traded or not, there is a major problem. As our users, we do not have the ownership of this digital asset, such as domain name hosting. , The transfer from the domain name provider still needs to be reviewed. For example, game items are stored on the server of the game service provider. If the game service provider goes out of business, your game items will be gone. In this process, we cannot fully grasp our Our own digital assets must rely on a third party, and we do not really own the ownership of this digital asset.

If it is a physical asset, such as a piece of gold, we can put it in my pocket and put it in my home. When I want to sell it, I can sell it at any time. I can sell it to anyone I want, and I can do whatever I want with him. , even if I throw it away. But for digital assets, a domain name, a prop in a game, a skin, we have no way to deal with it at will. In a sense we never really owned this digital asset. Then the blockchain-based NFT is to solve this problem. The blockchain provides a protocol layer for this digital asset. This protocol layer allows users to have ownership of the digital asset and more management rights.

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