Have you used NFTs? In the past two years, NFTs have spread like wildfire. Last year, digital artist Beeple’s “Everydays: “The First 5000 Days” was sold for US$70 million (approximately NT$1.9 billion), a record high in the NFT art market. Since then, there have been frequent stories of major brands, artists, and artists releasing NFTs. Nowadays, almost anything you want can be converted into NFTs through digitalization. Recently, the Japanese communication software LINE also announced the launch of their LINE NFT platform “Global NFT Market—DOSI.” Thus, it will be more convenient for ordinary users to obtain NFTs and for LINE users to trade them in the future. This can also connect the community more closely and create a unique NFT ecosystem.
NFT is derived from blockchain technology and is the abbreviation for Non-Fungible Token. It is a token issued by the Ethereum ERC721 standard. It is characteristically inseparable, irreplaceable, and unique. Before learning about a "non-fungible token,” let's talk about the concept of a "fungible token"! Modern currency is called a “fungible token.” It is assumed that each NT$1,000 bill is valued equally and can be cut (divided into ten NT$100 bills). However, if there is a celebrity signature on the 1000NTD, then it takes on the characteristic of a unique “non-fungible token.”
The NFT craze started at the end of 2017 from the online game CryptoKittie. Each cat in the game was unique and could not be copied or destroyed. Within a week of its launch, it resulted in more than US$1.9 million worth of Ether trade. We see that NFTs are also an important step in asset virtualization. Through blockchain technology, ownership can be verified and authenticity can be distinguished.
As a brand owner, are you also on the fence about entering the market? Before making a decision, this article will provide guidance in the world of NFTs and explore brand potential in the future NFT market through case introductions and market trends.
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