The Innovative Decentralized NFTs
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Blockchain makes reliable and secure transactions possible without the need for a third-party intermediary such as traditional banks. The technology can be used not only for cryptocurrency, but also for all data processing that has online transaction history and requires history management. Blockchain can be applied in various ways such as smart contract, document, medical information, copyright, social media, game items, and identification. As one of the core technologies of the 4th Industrial Revolution, blockchain has high potential for digital assets management and operation, creating a demand for digital asset platform development.
Non-fungible Token (NFT) is a technology that gives a unique authentication to digital content using blockchain technology. Currently, digital artworks can be reproduced online. With NFT applied, only one digital work can be certified to be genuine. In other words, the NFT serves as the certificate of authenticity.
For content creators, the NFT technology provides opportunities and routes to sell their works. Because NFT can be applied to any digital assets, such as paintings by popular or not-so-popular artists, photographs of celebrities, digital images, sound sources of artists, they can be sold with transparency by proving their authentic value. A commission is paid each time the NFT is sold or the holder changes. The rarer and more in demand the work is, the more profit it will bring in for the holder who owns it.
Users who purchase NFT can also open fundraising to support their favorite artists. This means that the NFT is recognized as an investment, with the expectation of increase in value for future profit.
The size of NFT market grew at exponential speed.