Did you know that you can have full copyrights to artwork, game elements, or even memes that no one else can so that only you can own them? This unique property is made possible by the blockchain technology known as NFT (Non-Fungible Token). NFT is a digital token whose transaction activities are recorded in the blockchain system. NFTs aren't that different from some cryptocurrency assets, but the difference is that NFT assets can actually be owned by a person or as a digital certificate.
One example we are all familiar with is the work of Beeple, whose ownership rights to one of his videos called Crossroad have sold for up to $6.6 million. The video was purchased by Delphina Leucas. Additionally, another Beeple works with an image format called Daily: The First 5,000 Days, which sold for $ 69 million. In fact, anyone can record the video, but the "ownership" rests solely with the party who paid the money.
Another example: when you buy land on Decentraland, one of NFT's projects, the land you buy automatically belongs to you only. Therefore, when you buy an NFT it is different from the 1 NFT worth your friend because it is impossible for you and your friend to have equal ownership of the land. When you buy bitcoin, the value is the same as your friend who also owns bitcoin. This is what is interesting about NFT crypto assets. If you have an NFT, that means you also have proof of ownership for the item or item. The material in question can come in the form of memes, gifs, illustrations, songs, video clips, in-game elements and even more interesting elements such as the first tweet from Twitter owner Jack. Dorsey, jailed for $2.5 million
NFTs are recorded on the blockchain so that they cannot be tampered with or copied, let alone stolen. Therefore, security is highly assured because the operation of the blockchain uses a group of computers to collectively create a digital ledger and cannot be changed by a single computer. This eliminates the need to worry about the security of the blockchain system. The NFT has a unique code number and metadata. The unique code can track the token issuance, owner transfer and others. NFT-based cryptocurrencies are generally created on the ETHEREUM network. MetaMask device portfolio services and platforms such as EOS, NEO, and Tron have also introduced their own NFTs. They did so with the aim of competing with ETHEREUM in the NFT presentation. Ownership of crypto assets is also irreversible meaning that a player or collector actually owns their NFT and not the creator of the game.
NFT can be traded with other people. If the buy and sell transaction is successful, the property will also pass to the party who bought it. When you sell the house, like homeownership, the ownership changes hands.
There are currently special markets for NFT such as opensea.io and knownorigin.io. The rise of NFT is also supported by many parties who believe that NFT could be a breakthrough in art collection, especially digital art.
Hope this article can help many people understand NFT (Non-Fungible Token).