What exactly is the NFT that is currently on fire? What is the value of innovation?

The full name of NFT is non-fungible-token, that is, non-fungible token, which corresponds to FT (fungible token). A non-fungible token is a uniquely identified, non-interchangeable token, and one that is not split.

It sounds more abstract, let's talk about fungible tokens first: such as Ethereum, Bitcoin, etc., I have a Bitcoin, and one of your bitcoins is exchanged, which does not affect its value at all, and I still own a Bitcoin. It's like the 100 in my hand and the 100 in yours are interchangeable (if you don't take into account the inconsistencies in the coding above).

But if I have a concert ticket in my hand, I may not be willing to change a concert ticket in your hand, because my ticket and your ticket position above the position must be different, it is possible that mine is in the front row and yours is in the back row, this seat number ticket is clearly written on it, and there is a clear difference between the two tickets.

NFTs are similar to concert tickets, each one is unique. And, unlike Bitcoin or Ethereum, it can be divided into one or anotherNFTs are indivisible.

It's like a concert ticket, if you get half of it, you can't get in. So, what exactly are NFTs for?

The value and application scenarios of NFTs.

We know that the Internet is a world that allows information to flow freely, whether it is text, ** or ** and other information, can be instantly transferred to any corner of the world through the Internet, it can be said that the Internet has greatly subverted people's lifestyle.

However, when these texts, **, ** are transferred, in fact, they are transferred in copy, and the original is still stored locally. When a ** has been spread countless times on the Internet, who can tell which one is the original and which one is the copy?

No matter how many copies of this information are copied, it is the original that bears the NFT identity. Moreover, NFT is based on the underlying technology of the blockchain, which allows information with NFT to be traded freely without the need for intermediary giants.

The reason why blockchain is called the "Internet of Value" is because it complements the last piece of the puzzle of the Internet, solving the "double-spending problem" of transactions without the need for third-party intermediaries, and NFT is currently a shining pearl on this "Internet of Value".

So, where exactly are NFTs used?

In fact, there are many application scenarios of NFT, such as the NFT digital artwork auctioned by Christie's mentioned at the beginning of this article, the artwork itself is based on blockchain technology, NFT represents the work itself, and the NFT token is transferred from the seller's wallet to the buyer's wallet, and the buyer completes the payment, which means the end of the transaction.

NFTs like this also have crypto game assets (such as.

NFTs are indeed a "big hit" at the moment: according to Google Trends, searches for NFTs have doubled since the beginning of the year; Nonfungible data shows that as of August, the monthly transaction value of NFTs has doubled from the beginning of the year; According to Cryptoart data, as of September 2, the total value of NFTs: $908,822, US dollars (241, ETH), and the total sales of artworks:

1,060,968, the monthly trading volume in August 2021 alone, is higher than the sum of the previous three years.

The influence has even spread outside the circle, in the domestic market, in June, Alipay launched an NFT payment code based on the release of AntChain**, Tencent launched the NFT trading platform on August 1 and launched the first digital art collection, in addition, NetEase, Visual China, ByteDance and other head companies have made moves in the NFT field.

Global payment giant Visa announced that it would purchase and collect NFT digital artwork CryptoPunks for $150,000; Facebook executives said they are considering building NFT functionality alongside the launch of a digital wallet.

Driven by the wealth effect and leading enterprises, the NFT market is rapidly fermenting, so what is the innovative value of NFT?

As we know, NFT is the on-chain equity certificate of various digital products, and each NFT corresponds to the physical asset or the native digital asset one-to-one, realizing its unique and tamper-proof on-chain digital identity.

Whether it is a native digital product or an NFT generated by the on-chain mapping of physical items, in the blockchain network, there is a unique.

1. Determine the identity and ownership certificate, and can track its circulation and transaction process in a timely manner.

NFT redefines the generation, confirmation, pricing, circulation, traceability and anti-counterfeiting of digital assets, which not only protects the rights and interests of asset owners, but also further exerts the value of digital assets. Whether it is in the creation and trading of the hottest artworks and collectibles at the moment, or in the field of transforming physical assets into digital assets on a larger scale in the future, NFT has a huge space for imagination.

NFTs that have emerged in recent years, a pair of socks on Uniswap sold for $160,000, Twitter founder Five Words sold for $2.5 million, and crypto artist Beeple's digital work "First 5000 Days" sold for $69 million** on Christie's single lot. It's all incredible.

The discerning man has already taken aim to participate in it and has won several pots of gold.

But many people are confused by a question: I am neither a financial giant nor an industry leader, as an ordinary person, how to participate in this wave of Internet boom and grasp the right direction?

The full English name of NFT is non-fungible token, which translated into Chinese is: non-fungible token, which has the characteristics of indivisible, irreplaceable, and unique.

On the blockchain, cryptocurrencies are divided into two categories: native coins and tokens. The former, such as the familiar Bitcoin and Ethereum, have their own main chain and use on-chain transactions to maintain ledger data; Tokens are attached to the existing blockchain, using smart contracts to record the ledger, such as tokens issued by adhering to Ethereum, which can be divided into two types: fungible and non-fungible.

Why is it so popular? NFTs can be thought of as another blockchain application that aims to solve a very specific problem, rather than a purely digital currency. Unlike Bitcoin, NFT is not a valuable asset, nor is it a digital asset, but a symbol of ownership.