NFT ( Non-Fungible Token )
NFT ( Non-Fungible Token )
Uniqueness and Decentralization
NFT uses the encryption technology and decentralizing characteristics of Blockchain to make every NFT art irreplaceable, irreproducible, and unique. The decentralization feature can also allow the name of the art, the name of the creator, the transaction date and all the other information to be stored on Blockchain, making it unable to be edited, and anyone can check the source and the transaction history of the NFT via the link, ensuring every creator and collector’s rights.
The Scarcity of Ownership Transactions
NFT collectors purchase the ownership of artworks, music, and digital images, and they can claim that they are not for commercial use, fraudulent use or other purposes. This is the same concept as collecting limited sports trading cards or artworks. Although they are all valuables, the unalterable and indestructible unique traits of NTF generate scarcity for digital creations that could be seen everywhere. The more an artwork is seen, the greater its value is. The ownership of the artworks can be purchased and sold.
The New Economy of Art
Support the Creators
Every NFT can determine the traits of the work or the transaction regulations with smart contracts. The creators will profit off every future transaction. This type of NFT that holds a percentage of the ownership is a method of supporting the creators by directly giving back to the creation itself.
New Rules of the Game – Smart Contracts
Smart Contracts must be drafted when issuing a NFT artworks. The contract can specify the artwork’s product, transaction methods, trading conditions, and after the artwork is issued, the contract can no longer be altered. Smart contracts will bring unlimited possibility and protection to the art market. In the future, the drafting of the smart contract will also be regarded as a part of the designing process of the artworks.
New creative methods and experiences
Guarantee the rights of the creators and artworks
Interactions with other NFT Smart Contracts
Automatic execution of contract contents
Once signed, the Smart Contract can no longer be altered
Invest in the Future
A more efficient, more circulating, and more transparent NFT secondary market
According to the Messari data on October 6, 2021, NFT secondary market transactions volume exceeded 10 billion U.S. dollars, of which the transaction volume on the Ethereum chain exceeded 6 billion U.S. dollars. Currently, after creators or project parties issued NFTs, they will be placed in secondary markets for sale. Collectors will then select and purchase or sell the NFT artworks. The more efficient, more circulating, and more transparent NFT characteristics greatly boost the secondary market.
The diversity and sustainability of NFT
Art has a multitude of expressions. NFT can redefine that expression with smart contract agreements. We believe NFT artworks will continue to be created, and, over time, an array of unique NFT artworks will be presented.