NFT is the abbreviation of Non-Fungible Token, which translates as non-fungible token. What it wants to express is one token, and there is only one.
Let’s give an example. In real life, many people like to keep pet cats. Although everyone raises cats, each cat is different. Even twins have subtle differences. There are no two identical cats in the world. So each cat can be expressed as an NFT token, and each is unique.
In terms of technical implementation, the implementation of NFT tokens on Ethereum must follow a certain standard. At present, there are two commonly used standards for implementing NFT tokens on Ethereum, one is ERC-721 and the other is ERC-1155. Among them, ERC-721 is more widely used.
This NFT token has standards and can be implemented, but what use is it? It was first used in games, and the early game masterpiece CryptoKitty (CryptoKitty) of Ethereum is a typical example. But later it was increasingly used in the field of art.
Why is this happening?
Because in the field of art, there is a pain point that has always plagued everyone, and NFT happens to be a better solution to this problem. The pain point is: how does a work of art know that it is real? Who owns the genuine product?
Let’s take a real-life example: Leonardo da Vinci’s famous painting “Mona Lisa’s Smile” is world-famous. This painting has been imitated by countless people since its birth, and with the blessing of current high-tech methods, the imitation of this painting is even more vivid. Many places even hang this picture for various purposes.
But everyone who knows the history of this painting knows that there is only one authentic piece of this painting, which is in the Louvre in Paris, France.
But if one day this painting is stolen from the Louvre, and then claimed to be recovered one year later, will we still be 100% convinced that it is the original when we look at this painting?
I believe some people will doubt it, because the counterfeiting of works will become more and more sophisticated with the continuous improvement of technological means, which will make the identification of works more and more difficult. In this case, people are completely possible. Question whether this painting will be dropped.
But if you combine artwork with NFT, it will present a different picture: we also take famous paintings as an example, we can separate the ownership of the images presented in the paintings and the paintings. The image of a painting is a document. It can be physical or electronic. Even with permission, multiple people can copy and use the document of the painting. But the ownership of this painting is expressed in NFT tokens.
Since NFT tokens have unique attributes, this means that this artwork belongs to only one person at a certain moment.
Therefore, when an artwork is born, the artist can operate in combination with NFT as follows: He equips the artwork with an NFT token, and the artwork contains two parts: one part is its image, the image can be paper, it can be Electronic form; the other part is this NFT token.
When he resold the artwork to others, the NFT token was transferred from one wallet address to another wallet address on Ethereum. In this way, people all over the world will know that the owner of this painting is another person, and everyone can see the wallet address of this person. When you check the Ethereum browser, you will know that this person is genuinely held. Real people. In the future, if this artwork is circulated, the next buyer will no longer have to worry about authenticity.
Today I will share with you art projects. This type of project is generally a platform on which artists can put their artworks directly on the website for sale, and users can buy them directly from the Internet. Like the NFT payment code skin that Alipay sold a few days ago, the highest price on the Xianyu platform was fired to 1.5 million yuan.
Of course, it may also be due to monitoring reasons. The NFT sold by Alipay has been removed from the Xianyu and the auction on the Alipay platform, but it can be auctioned on the blockchain exchange and use NFT to trade artwork. The most important thing is the transaction of NFT tokens representing this artwork. Therefore, buyers can log in with their wallets to trade artists’ artworks on such websites. After buying the artwork, the NFT tokens corresponding to the artwork will be sent to the buyer’s wallet.
The last outlet was Defi decentralized finance, but its entry barrier is very high. That is, you have to understand finance and blockchain digital currency, so that you will have greater motivation to get started, but you must understand finance and to understand the blockchain digital currency, there are very few such people. However, if either of these two aspects is missing, it will take a lot of time and cost to educate and train, and then the existing people who have the knowledge of these two aspects, when the entry reaches the ceiling, it will not be so easy to add new training.
The entry threshold of NFT can be said to be extremely low, because you only need to understand it as the only artwork, such as Leonardo’s famous painting “Mona Lisa Smile”, as long as its art is recognized by the masses, Popularity, then he has a certain value. If you think its artistic value will be higher in the future, you can buy it; if you think its artistic value will be lower in the future, you can sell it. This is NFT.