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What is the 'digital art' NFT?

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Investing with moomoo joined discussion · May 18, 2021 21:16
In the previous article, we talked about the definition and history of blockchain. This time, let's focus on the interesting NFT.
Introduction to NFT
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
According to Nonfungible.com, the market cap of NFTs has exploded in the last few years. In 2018, the market cap was calculated at just $41m. By 2020, that number had risen to over $338m for a CAGR of 187.3%.

Blockchains like Ethereum, Flow, and Tezos have their own standards when it comes to supporting NFTs, but each works to ensure that the digital item represented is authentically one-of-a-kind. Most NFTs are part of the Ethereum blockchain; however, other blockchains can implement their own versions of NFTs.
Applications of NFT
Due to its heterogeneous and indivisible characteristics, NFT can anchor the concept of commodities in the real world. NFT can be used to commodify digital assets in art, music, sports, and other popular entertainment such as concert tickets that are unique and non-copyable. Since NFT has natural collection attributes and is convenient for trading, crypto artists can use NFT to create unique digital artworks.
A person takes a photo during a press preview of the grand opening of Superchief Gallery NFT
A person takes a photo during a press preview of the grand opening of Superchief Gallery NFT
There are various applications of NFT:
- Gaming. For example, it can be used as pets, weapon props, clothing and other items in the game. The smash hit crypto kitties in 2018 uses NFT technology. Each cat is given a special tag number to be a unique cat.
What is the 'digital art' NFT?
- Intellectual property. NFT can represent a painting, a song, a patent, a film, a photo, or other intellectual property rights. In this field, NFT plays the role of a patent office.
- Physical assets. Real estate and other physical assets can be tokenized by NFT.
- Records and identification. NFT can also be used to verify identity, driver's licenses, academic certificates, birth certificates and other paperwork, which can be safely stored in digital form to prevent abuse or tampering.
- Financial documents. Invoices, orders, insurance and bills can also be converted into NFT and be kept in a digital form.
- Ticketing. Concert tickets, movie tickets and drama tickets can all be marked with NFT. All tickets can look the same, but they represent ddifferent seat numbers.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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