Exploded!How Long Can the Trend of NFT Last?
Would you spend 2.9 million dollars on a twitter?
Most people will give the answer No. However,someone bought the first twitter of Jack Dorsey,creator of Twitter and supporter of bitcoin with such incredible price as an NFT.From then on ,NFT works with thousands of US dollars swept the capital markets wave by wave.
NFT is more a kind of value and recognition than a piece of work and a type of concept.While people fret that it is nothing but a Flash-in- the -pan fad,the duration of NFT remains particular significant
NFT,namely Non-Fungible Token.“Non-fungible”is defined as“can not be replaced or never be an alternative of the same item.”Most of our daily assets,be it a chair,a mobile phone,a laptop or anything sold on the Internet,are non-fungible.
You can transfer or replace your digital assets in the crypto world at random.But NFT is different.it is unique and therefore not interchangeable.It can represent items:Twitter of Jack Dorsey,for instance.Though this twitter can be transfered by infinite users,the token representing his twitter can be traced the blockchain,therefore providing a proof of ownership for the purchaser.
The core applications of NFT on blockchain incorporate the source verification,authenticity record,new digital proof on generative art,fragmented ownership and shared ownership.Smart contracts and tokens based on Ethereum bring people more investment options and introduce new property right structure.
NFT is widely used in games, artworks, domain names, collections, virtual assets, real assets and identity identification etc.Its application scenarios are more extensive than that of crypto currency.
Someone may be puzzled at the question:What exactly does NFT mean?A string of codes?A reproducible picture?A piece of music for everyone? For those who have not entered into the NFT market,the most difficulty is to find the reason why they need to have something available to everyone.
Although its digital collectibles can be copied at will, NFT,as a non-interchangeable asset, has the attribute of uniqueness which drives demand. There will be only one “owner”for each NFT work,be it collections or music.Copyright or the sole right to use the work is not necessary for this owner,who,however,has“ownership” that is exclusive.
Multiple Applications on NFT
NFT Art for Instance
Application on blockchain technologies can ensure the scarcity of digital currency,save the cumbersome procedure of central trust institutions and fixed fees such as venue use charge and appraisal cost,resolving the problem of expensive charge faced with traditional art galleries.
Far from new art forms and reduction of trading costs,blockchain technologies can even determine whether artworks can be successfully sold through source verification, providing satisfactory solutions for digital scarcity.For the first time ,authors can price ,distribute,and trade their own works in an accurate and safe way.Besides ,platforms provide collectors and digital artwork enthusiasts with more convenient and cheaper channels for collection and appreciation.
While allowing artists to price their works,NFT reduces brokers with high commission and other additional charges and bridge the direct connection between the author and their supporters .
In terms of collectors ,their hobby will no longer be constrained in mainstream arts.As long as value of the artwork is recognized ,it can be purchased with NFT
Aside from art works,NFT can also be used on the music.As digital trends continue to dominate traditional industries, platforms such as Spotify and Soundcloud have created new channels for musicians to monetize their music works and increase exposure. NFT provides a similar solution through blockchain technology, allowing musicians to attract fans in a brand-new way to obtain more yields.
How Can NFT Reach Sustainable Development?
Affection is crucial in NFT Value.
Infinite value behind NFT has gained increasing attention with the its wider application and expansion of trades.But where there is technological fashion,there is risk.NFT may become obsolete and trigger speculative bubble.
NFT can certainly spawn new art forms.Nonetheless if the value of art lies purely in its scarcity,limited distribution and artist access will become major problems.
Digital scarcity differs largely from physical scarcity,among which collection for real artworks limited by objectively physical condition is a typical example.Paintings will no longer update as long as artists pass away.Though irreplaceable,NFT needs to create scarcity as well.Only by building people’s recognition of virtual ownership and maintain their interests can keep the value of NFT.
Relying on the artificial concept,NFT boosts a value of making things not that scarce scarce.Exorbitant price, Nevertheless,may close the door on its fans.The scarcity therefore is a mixed blessing and the price need to be deliberated.
If the function of self-realization can be achieved,NFT would become a carrier of affection for these commodities based on the merits of handy trades and verification through blockchains.Once affection is put,people would accept NFT as a part of their life.
No matter how others use it ,this work belongs to me. It is an expression of self -emotion .If people can hold such attitude,it is not hard for NFT to achieve sustainable development .How to make people invest their personal emotion or affection so as to meet their needs thus bears crucial significance to avoid NFT bubbles.
In the digital coin field, trending topics or fashion crops up without letup .Perhaps what we can do to maintain sustained advance of NFT is to publicize its value recognition and add affection on the NFT finance.In this way ,NFT would boost a promising prospect.