GdMail – NFT or Non-Fungible Tokens currently with public interest and become a hot topic of conversation. The popularity of NFT in Indonesia began when a young man named Ghozalie sold his selfies on a marketplace platform called OpenSea. The sales proceeds made him pocket a profit of Rp 1.5 billion.
This made NFT widely discussed by the public and many people began to explore Non-Fungible Token. If you are interested in getting into the NFT business, then you must understand everything about NFT. In the following article, we will listen to an explanation of what NFT is currently in demand by the public.
Understanding NFT as a Digital Asset
According to the book Non-Fungible Token and Metaverse: Blockchain, Virtual World & Regulation by Alexander Sugiharto, SH, Muhammad Yusuf Musa, MBA, and Mochamad James Falahuddin, ST., MBA (2022:1 and 15-16), Non-Fungible Token is an assetdigitalon a blockchain network that has a unique and different identification code and metadata.
To understand Non-Fungible Token, we need to understand two keywords namely non-fungible and token. The word fungible is defined as the ability of a digital or non-digital asset to be exchanged or replaced with a similar asset that has the same value.
For example, the Rp. 1000 can be exchanged for two coins of Rp. 500 and bitcoin exchanged for USDT. Whereas tokens are digital assets that represent goods, services, or other forms of value.
The Characteristics of NFT include but are not limited to the following:
Non-Fungible Tokens can be used to create unique digital assets so that no Non-Fungible Token is the same and each NFT token is unique and recorded on the blockchain network.
The ownership, source and movement of each Non-Fungible Token is visible on the blockchain network which can provide a transparent and traceable picture of the Non-Fungible Token in real time.
Non-Fungible Token cannot be spoofed or replicated. Each token is backed by an immutable digital ledger and a decentralized network (blockchain), which allows tokens to be authenticated.
Non-Fungible Token is highly adaptable to the metaverse ecosystem that supports application usage. If you are interested in the Non-Fungible Token business, you can trade it on various Non-Fungible Token marketplace platforms.
Based on the book Blockchain Technology and Its Implementation by Yusra Fadhillah, et al (2022: 92) , throughout 2021, Non-Fungible Token has attracted the attention of sellers and buyers with some selling up to thousands or even millions of dollars. That’s the explanation of business Non-Fungible Token. Hopefully useful for those of you who are interested in exploring The NFT Business. (ENG)