In the metaverse or digital world, NFT is an acronym for a non-fungible token or non-exchangeable token. NFT has been around since 2014, or about 8 years ago. However, it is getting more and more popular lately.
Understanding NFT
The Economic Times explains that NFTs are digital assets that have ownership records in a public blockchain. In other words, NFT is the only digital asset owned by a person. In recording every activity or transaction, most NFTs use the Ethereum blockchain technology.
It is like, NFT is a valuable item or unique value that cannot be exchanged or replaced with other NFT works. Yes, NFT that is traded using digital currency, such as bitcoin, can be of various types. Starting from works of art, such as game assets, photos, videos, music, and others. The selling price of this NFT depends on subjective factors, such as quality, creativity to the reputation of the NFT owner.
NFT Function
The functions or benefits of NFT are divided into 3 sectors such as:
NFT in Artwork Industry
The technology in NFT offers the security of every work published online. This is an innovation for digital artists who have difficulty eradicating plagiarism and theft of works on the internet or the metaverse world. In addition, the existence of a smart contract system on NFT, allows creators to record the percentage of royalties when their work changes hands. NFT also appreciates content creators more because the price of NFT assets can reach very high selling prices.
NFT in Business Industry
Metaverse development company offers solutions to problems from businesses in the ticket and membership industry sector to the sports and fashion industries. In the ticketing industry, NFT offers a solution to go through an immutable verification and identification system. This of course can overcome the rampant cases of ticket fraud or the manufacture of fake tickets from unscrupulous brokers or other services.
Meanwhile, in membership management or digital membership, NFT can help identify digital data that represents a person’s membership. So, membership members of the service no longer have to worry about the shadow of data loss or data theft.
The sports industry’s first NFT, the NBA Top Shot collectible card. So fans can collect important footage from their favorite matches. For example, Jupiler Pro League, the Belgian football league teamed up with gaming company Ubisoft and start-up Sorare to release a fantasy soccer game using NFT.e
What about the fashion industry? Last year, Nike patented the CryptoKicks authentication system. So, every consumer who purchases a special shoe will generate an NFT with unique information. Starting from the material, place of manufacture, and others.
NFT in Hobby and Entertainment Industry
NFT is a suitable market for people who like buying and selling collectibles, such as NBA Top Shot footage, virtual cats from CryptoKitties, to unique avatars from CryptoPunks. Not only that, in the crypto world, NFT and blockchain-based games are one of the promising sectors. Everyone who plays NFT games can get tokens that can be exchanged for other assets.
