W1: Have you heard about NFT before?


 

By Chock Jing Yi                                                                                                                    24 June 2023

What is a non-fungible token(NFT)?

  In fact, the concept of digital collections (which is NFT) is very broad, including digital artworks ,paintings, audio, video, equipment, props, land and houses. The digital collection you see is a picture or just a video, but in fact the digital collection is a kind of right assurance, which can be understood as the "identity card" of digital assets. 

  In this way, even if someone copies your digital work with Ctrl+C and Ctrl+V on the computer, what he copies is only a copy of the original work, and everyone can trace back to the original creator of the work on the blockchain. Only the original Collectors only have "digital ownership certificates" and have "orthodox status" to brag about.

  In economics, a fungible asset is something with devices that may be quite simply interchanged - like money. With money, you can swap a 10 ringgit note for two 5 ringgit notes and it will have the same value. However, if something is non-fungible, that is impossible - it manner it has particular homes so it cannot be interchanged with something else. For example, it could be a house, or a painting such as the Mona Lisa, which is one of a kind.



NFTs Are Fueling a Boom in Digital Art. Here’s How They Work | WSJ


Present Situation

  The hype NFT art of artificially creating scarcity first started in 2017.At that time, cryptopunks were small, unremarkable pixel avatars with "punk" temperament, was the first NFT digital collection item in history.


  The cryptopunks are a series of 10,000 images tokenized as NFTs on the Ethereum blockchain created by development studio Larva Labs. Focus on scarcity, uniqueness, and inalterability. In this way, the NFT project based on the mobile game avatar generator has opened up a new blockchain market.

    Recently, phrases and ideas such as "virtual collection" and "metaverse" have entered the worldwide mainstream view.

         In fact, in the past few years, the popularity of the digital collection market has been weakening, but in 2021, with the development of the concept of the entire metaverse, digital collections, as a very basic element in the metaverse, have developed rapidly.

  In 2021 alone, the overseas transaction volume surrounding NFT exceeded US$19.6 billion, and NFT digital collections created a total transaction volume of over 8.16 million and a total transaction volume of over US$6.5 billion) A 12-year-old foreign boy earned US$340,000 in two months through digital collections, and a pair of digital collections called "The Merge" sold for a high price of US$91.8 million.

Digital artist Pak's work, The Merge, fetched US$91.8 million on Nifty Gateway.



Fun facts:
Popular NFT project you should know about
The Biggest Celebrity NFT Owners in the Bored Ape Yacht Club
( https://decrypt.co/86135/biggest-celebrity-nft-owners-bored-ape-yacht-club )

Bored Ape Yacht Club NFTs

  First launched by Yuga Labs on April 29, 2021. Four creators, Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass, are said to have programmed the algorithm to mix and match apes to create 10,000 different images of apes.

  Later, as NFTs began to develop, they saw their opportunity as a form of creativity, creating a series of characters with backstory and appeal. With the help of their friends No Sass and Emperor Tomato Ketchup, they launched the now-famous Boring Ape collectible, quickly raking in $2 million by selling NFTs for roughly $200 each.


Future Vision

Digital Collections: The Key to the Metaverse and Reality

  Soon, human civilization will eventually migrate to the metaverse world, and digital collections are an indispensable atomic-level thing in the process of constructing the metaverse.

  In the operation process of the metaverse, digital collections will always play a pivotal role, playing the role of the cornerstone of civilization. NFT is just the beginning, it still has many problems, and it will take some time to improve. The NFT space is still a work in progress and continues to evolve every day. The question remains whether NFTs actually have any real value, or if it's just another fad. Because NFTs are still in their infancy, questions remain about the security of the underlying blockchain platform, its continued viability, and the consequences should a breach occur.

 

Creative Solutions

1. The continuous improvement of digital technology-Digital technology is the core of digital collections, and the quality and collection value of digital collections are directly inseparable from the advanced level of digital technology.

 

2. Research and protection of digital cultural heritage-With the continuous development of digital technology, many cultural heritages have begun to be preserved digitally, and the research and protection of digital cultural heritage has become a topic of common concern worldwide.

 

3. Incentivize originality-The emergence of digital collections is the protection and incentive of original art.


Justification and Implementation:

1. The continuous improvement of digital technology

  With the continuous improvement of digital technology, digital collections can not only ensure high-quality digital transmission and better efficiency.

  




  Based on recent trends, the future development prospects of digital collections will be even broader. Institutions, collectors, and artists will all be more active in the digital collection market in the future, competing and cooperating with each other . The further popularization of digital culture also enables people to enjoy richer and more diverse cultural and artistic works at a lower cost.

 



2. Research and protection of digital cultural heritage

For example, in digital museums, many technical means such as digital media display, digital collection, cultural relics protection, and digital storage help to present the value of cultural heritage, so that the public can understand cultural heritage more intuitively.

 



3. Incentivize originality

For creators, digital collections help them determine ownership, avoid piracy and digital copyright infringement of digital collections, and activate the creative ecology. In the digital scene, as long as the creative enthusiasm of the creators is ensured and a creator economy with positive incentives is realized, the digital collection market will also be more dynamic.

Visualization and Communication

Mind maps



Created in https://www.canva.com/

 

Reflection

  In conclusion, NFTs have many benefits: new revenue streams, the ability to own unique digital creations that cannot be altered, deleted, or replaced, and the ability to track ownership and provenance of highly sought-after items. Additionally, smart contracts built into NFTs enable automated execution of sales and resales, while also helping creators maintain and earn accurate royalties. But where NFTs really shine is in data recording and preservation. Records of authenticity and chain of ownership are difficult to maintain, but NFT-enabled blockchains allow for a clear and trustworthy record of ownership.

*Should ordinary people buy digital collections?

  For sellers new to NFT also need to consider rationally, identify quality works, assess their risk and cost effectiveness, and buy rationally.

 Be sure not to be overwhelmed by short-term interests and beware of fraud risks and platform runaways. For micro platforms that are in the early stages and are pulling heads, although you can receive a free airdrop product, you must be careful if you carry out real name authentication, and do not be easily tricked into taking your identity information, leading to the illegal use of personal information.









References

Image source
Mind maps &cover page created using





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