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Robin Islam
Apr 07, 2022
In Discover Awesome Features
2021 is the year that NFTs quickly go to the masses. At the beginning of the year, NFT was just a trendy collectible, which entered the mainstream through sky-high auctions; by the end of the year, with the support of technology and capital, technology companies, fashion companies, and fast-moving consumer companies have also issued their own NFTs, experimenting in different ways. its feasibility. As NFT completes the evolution from a high concept to countless landing applications, news organizations are not far behind. Foreign media such as The New York Times and the Associated Press have begun to implement exclusive NFT products, and there is a trend of spreading. This article will start with the exploration of foreign news media in the field of NFT, and analyze the benefits and risks of news organizations entering NFT. 1. NFTs that have entered the mainstream perspective The full name of NFT is "Non-Fungible Token" (NFT). In the literal sense, "non-fungible" means irreplaceable and indivisible. Various currencies that we are familiar with, such as paper money, are interchangeable. For example, if you spend one piece and earn another piece, the total assets have not changed. But NFT is different. We can think of NFT as a note with an address written on it. Unlike ordinary notes, this address is generated on the blockchain and points to a unique digital asset. Everyone can track the ownership of assets and their transaction records through this address. The development of NFT is inseparable from the support of blockchain technology. In August 2015, the Ethereum blockchain platform was born, providing a foundation for the development and operation of NFTs. In June 2017, the first official NFT project "Cryptopunk" was born, and it quickly became a status symbol in the investment and art circles. There are a total of 10,000 avatars in the "cypherpunk" series. They are just simple Phone Number List avatars when viewed on mobile phones, but the transaction price is very astonishing. For example, the work No. 7523 in this series was sold for more than 11.7 million US dollars. In 2021, artist Beeple's NFT work "Every Day: The First 5,000 Days" entered the public eye with a transaction price of $69 million. This is a giant collage made up of 5000 different paintings. The huge auctions that keep popping up have ignited the enthusiasm of global investors for NFTs. DappRadar data shows that NFT sales have experienced explosive growth from July 2021, peaking in September, and the total market value of the year is close to 25 billion US dollars, a year-on-year increase more than three hundred times. From the NFT work "Big Mac Rubik's Cube" launched by McDonald's to the luxury brand Louis Vuittond's NFT mobile game OUIS: THE GAME, in the past year, we have witnessed the entry of well-known brands from different industries into NFT. Why can NFT continue to "break the circle"? Perhaps it is because, in the digital world of infinite replication, NFTs try to endow digital assets with scarcity.
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Robin Islam

Robin Islam

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