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November 04, 2020, 05:57:24 AM |
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Just as there are no two identical leaves in the world, there are no two identical NFTs in the world.
Recently, the popularity of the DeFi market has gradually declined, various protocol machine gun pools were ?rug pulled?, mining revenue has declined, and capital has begun to explore new market hotspots. NFT (Non-fungible token) was pushed to the front, and funds flowed into the NFT market.
According to statistics from the NFT data platform nonFungible, on October 8, the historical turnover of NFT assets also reached a new peak of US$131 million. On August 18, this figure was 104.7 million U.S. dollars, and within two months, it rose by nearly 27 million U.S. dollars.
The unprecedented popularity of NFT, after the cooling of various DeFi mining, injects more liquidity into the market.
Before explaining what NFT is, let?s take a look at what Fungible Token is.
Fungible means homogenization. Homogenization means that one token is not different from another token. Each has the same face value, so they are interchangeable. Similar to the currencies we usually use, the same face value can be interchangeable or Used to buy its goods. For example, a $5 bill can buy a hot dog.
Most cryptocurrencies are homogenized tokens, such as Bitcoin and Ethereum as we know them. Although their prices fluctuate from time to time, the homogenized tokens have the same face value, so they can be used for transactions as general equivalents and have a higher level of liquidity.
The full name of NFT is Non-Fungible Token, which is the opposite of Fungible. Translated as a non-fungible token, it means that each one is irreplaceable and unique. Just as there are no two identical leaves in the world, and there are no two identical NFTs in the world, this means that they cannot be exchanged one-to-one, and it is very difficult to trade because of the valuation of each.
Technically, the realization of NFT is to embed a kind of identification information in the smart contract, so that each NFT has a unique ID. This unique attribute makes NFT naturally unsuitable for trading, but it can be an ideal choice for recording and storing the ownership of digital products including artworks, games, and collectibles.
Digital artwork is transformed into encrypted artwork due to NFT. The mode of buying and selling on U disk and CD-ROM in the original gallery has also been transferred to the chain. When the transaction process becomes open and transparent, technological innovations such as AI have also begun to add digital artwork to recreate a digital world.
Monet NFT reproduces 40 representative paintings of Monet on the chain, and casts a unique NFT for each painting. Users can synthesize lower-level art paintings to obtain higher-level art paintings and enjoy the collector’s joy.
In the art world of Monet NFT, everyone is treated fair and equal, and all art paintings are reattached to the chain. Using ERC-1155 technology to reproduce Monet’s most representative paintings, re-awaken the thoughts about art, explore the artistic charm buried in the 19th century, and experience an unprecedented experience of art collection and trading.
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