NFT stands for “Non-Fungible Token (NFT).” Simply put, it means “one and only exchange ticket.” Why? Because “scarcity” soon becomes “value.”
In the past, buying luxury paintings used to increase the value by millions of dollars. But everything is being digitized, so how do I buy pictures made in jpg files? Computer files are just copied and pasted. So, it means that the concept that came out is NFT.
NFT and Blockchain Revolution Explained
Here comes the meaning of the irreplaceable coin, which means NFT. Since records of blockchain files are automatically distributed around the world, even if fake files are created, forgery is impossible unless all blockchains around the world are found and changed. So of course, investment value is created.
When an artist or individual discloses that they will sell the file, the transaction begins. Then the person who buys Ethereum with money and has it buys it. And as the file is handed over, NFT is distributed around the world. If the value rises later, we will sell it with more money. At this time, the owner of the NFT is recorded again.
The most important thing is that this method can be applied endlessly to all kinds of things, including paintings, sound sources, and videos. For example, one of the characteristics of NFT is the split function, so you can copy artworks and become co-owners. Compared to the past, when the co-owner could not cut and store luxury sculptures, it is an era of tremendous transformation.
