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Understand NFTs in under 3 minutes

investinchina.chinadaily.com.cn Updated: 2022-08-05

A profile picture costs a massive $180,000. A digital collage is worth a stunning $69 million. Can you imagine that? NFT artworks are now a rage among the youth!

The astronomical sums NFTs command prompted the term to enter everyday lexicon. NFTs, or non-fungible tokens, are unique, uninterchangeable items, as opposed to shares, commodities and dollars bills, which are fungible meaning "interchangeable" or "exchangeable".

NFT digital collectibles, such as drawings, images, videos, music, films, and games, use blockchain technology as authentication for a unique digital signature permanently attached to the work. That creates scarcity which fuels collector and investor momentum.

In China, NFT is grabbing more attention, and internet giants like ByteDance, Tencent, Baidu, JD.com, and Bilibili have cashed in.

The booming sales since 2021 were fueled by a bigger and enthusiastic community of celebrities, enterprises and artists. Will NFTs merely enjoy an ephemeral popularity, or are they around for the long-term? Wait and see.

The soaring popularity of NFTs offers investors not only a wealth of opportunities but also scams, so please be wary of its huge risks.

 

Supervisor:Lin Hong

Screenwriter:Zhang Jing, Lu Weiwen (Intern)

Animation:Lu Weiwen (Intern)

Voiceover:Lu Weiwen (Intern)

 

Reference:

https://www.bbc.com/news/entertainment-arts-56368868

https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924

https://www.christies.com.cn/lot/lot-6316969

https://nonfungible.com/news/corporate/nft-market-report-q1-2022

https://onlineonly.christies.com/s/no-time-present/larva-labs-est-2005-7/129340

http://www.myzaker.com/article/62aaa5a78e9f094f9814d47e/