NFT opens up infinite possibilities

2021 Digital Art Fair

The digital art fair was successfully held in Hong Kong this October. The digital moving image on the huge panels inspired unprecedented imagination to 25,000 audiences with euphoria. People had an opportunity to experience immersive art and feel the embrace of beautiful colours and digital images. A lot of people, who are interested in digital art, become art collectors. USD 7.7 million revenue was generated from Non-fungible token (NFT) sales in this 3 weeks event. Undeniably, NFTs will be broadly prevailing in not only art works but also in many other businesses in the near future.

Does NFT have value in the real world ?

The value of NFT is supported by the acceptance and popularity of the underlying digital assets. Those digital assets can be a digital contract of real estate purchase, a shipment invoice, a loan collateral, an agreement of financial product, a voice recording, a video or digital image. The underlying digital asset gives the NFT value. For instance, when a 1 million USD worth real estate ownership document is hashed into blockchain as an NFT, the token should have a valuation of USD 1 million. Minting a digital asset as an NFT in the blockchain allows it to be bought and sold directly with anyone on the internet, while reducing the probability of fraud and eliminating the need of an intermediate agent. NFT is a digital token with an immutable piece of information of the initial minting person, content description and transaction history that are hashed in the cryptographic.

What is so special about NFT ?

Digital Art

The Replicator NFT by Mad Dog Jone
Still image of the first sold NFT luxury watch

The Future is bright

The global market of NFT sales turnover surged to new high at USD 2.5 billion in the first half of 2021, up from USD 13.7 million in the same period last year, reported by marketplace data. In an interview with the CEO of OpenSea, the largest NFT marketplace, he revealed that the sales turnovers were USD 1 million in August 2020, USD 8 million in January and USD 50 million in February 2021, experiencing a fifty-fold growth within 6 months. Simultaneously, he raised USD 23 million in March as well as USD 100 million in July this year and valued the company at USD 1.5 billion, aiming to make OpenSea a giant company like Amazon.

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