What is NFT?
NFT art" has developed rapidly over the past few years, and it is now common to see it traded for hundreds of millions of yen or even tens of billions of yen.
However, the general public still has only a limited understanding of NFT as "artwork that uses some kind of digital technology.
In this issue, we will deepen our understanding of NFT and explore how it can be utilized.
Blockchain Technology Underpinning NFTs
To learn about NFT, one must know about the "blockchain" technology that supports it.
Blockchain is a technology that manages data by using blocks of recorded information and passing them on like a chain.
In order to tamper with data created by a blockchain, it is necessary to keep tampering not only with the information in one block, but with all the data that follows the tampered data. However, to actually achieve this, a huge amount of calculation is required.
This means that the data incorporated into the blockchain system is virtually impossible to tamper with in practice.
One technology that takes advantage of these blockchain features is NFT.
NFT stands for Non-Fungible Token = Non-Fungible Token, which refers to a non-substitutable token issued on the blockchain.
Basically, ordinary digital data can be copied, but by attaching digital data to an NFT issued on the blockchain, an element of non-copyability = uniqueness can be added.
In this way, digital data, which normally has the greatest feature of being reproducible, acquires the great value of being "one-of-a-kind" (i.e., something that cannot be copied).
What is NFT art?
In the history of art, the uniqueness of a painting created by an artist painting on a canvas, for example, has played a very important role in the criteria for valuing a work of art, as it is virtually impossible to copy exactly the same thing.
The fact that there is only one painting in the world, and yet so many people recognize its beauty and importance, and desire to have it, is the reason why a single painting can fetch hundreds of millions of yen. This is also called the market principle.
NFT technology is having a great impact on the art world in terms of certificates of authenticity and transaction histories, for example, but the most important thing to note is that the data itself can be valued as a unique work of art, in the same way as a conventional painting.
In many cases, digital works of art include image data, audio data, and video data that is a combination of the two.
How can I purchase NFT art?
NFT art is not limited to fine art artists, but also includes musicians, cartoonists, illustrators, and other creators.
In some cases, galleries deal in NFT art, and in other cases, the artists themselves sell directly to the public.
Recently, there are some galleries that specialize in NFT art.
There are also marketplaces specializing in NFT art for those who want to enter the market, where the hurdles to purchase NFT art are low.
You may enjoy purchasing in a similar way to regular Internet shopping.
What can I do after purchasing NFT art?
Since most NFT art is image or sound data, it can be used in a variety of ways just like regular image or sound data.
For example, if it is image data, you can display it on a digital photo frame and enjoy it as interior decoration, or set it on the home screen of your smartphone and carry it around with you.
What cannot be overlooked is the asset nature of NFT art.
Like most artworks, NFT art is subject to fluctuations in value through secondary sales. For example, at an online sale at Christie's, one of the traditional auction houses, a work by digital artist Beeple, "Everydays - The First 5000 Days," sold for about $69.35 million (about 7.5 billion yen).
Recommended NFT Marketplaces
Adam byGMO
Adam byGMO is a marketplace for digital art, entertainment, and other content.
The ability to trade in Japanese yen as well as virtual currency is also a major attraction.
LINE NFT
It has a wide variety of contents such as games, characters, etc.
Anyone with a LINE account can purchase.
Coincheck NFT
There is a wide variety of game item-based NFTs.
Domestic NFT games such as Cryptospells and foreign NFT games such as The Sand Box are also available for those who are interested in NFT games.
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