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The Most Popular Trend of 2021! What is NFT?

To understand the concept of NFT (non-fungible token), we first need to understand what fungible token (FT) is. FT refers to tokens that can replace each other and can be infinitely split. Take bitcoin as an example, a bitcoin is equal to another bitcoin. It can be exchanged as long as the value is the same.

Different from FT, NFT refers to digital assets that are unique on the blockchain. In the blockchain world, NFT is equivalent to the ownership certificate in the real world, so it is often used to confirm the ownership of digital assets.

NFT has been out of the circle this year, and more and more people are beginning to pay attention to the real value of NFT. NFT can symbolize anything and realize the ownership transaction of physical assets. As NFT is recorded on the blockchain, it can not only be used for digital art collection, but also plays a great role in games and other fields. Next, we will introduce some main attributes of NFT in detail.

Uniqueness

NFT records the attribute information of each token on the blockchain through code to make it different from other tokens. When the creator casts a digital work into NFT, the NFT represents the ownership of the work and determines the uniqueness of the work as a digital asset in the digital environment.

Traceability

All transactions of NFT will be recorded on the blockchain, and we can observe each address that once held, bid or transferred it, so as to trace its origin. All NFTs can be verified on the blockchain to prevent fraud, which effectively protects the rights and interests of NFT owners.

Programmability

NFT is fully programmable. Each NFT is composed of metadata, which endows each token with characteristics, including size, address, scarcity, etc. In NFT games, based on programmability, each NFT of players is dynamic and movable, and can change and grow according to the rules of the game in the digital space on the blockchain. Developers therefore have more creative probability to provide players with more interesting and open decentralized games.

Standardization

NFT has some standardized functions, such as ownership, transfer and simple access control. Developers can build generic, reusable and inheritable non-fungible token standards.

Interoperability:

The NFT standard allows NFTs to move easily between multiple ecosystems. When developers start new NFT projects, these NFTs can be traded in the market and displayed in the digital world.

NFT is irreplaceable and a key connecting the real world and the virtual world. Therefore, NFT is naturally applicable to the metaverse. In addition to our common game props, they can also represent the virtual identity, assets and even personal data of users in the metaverse. In GDF’s blockchain platform GoodData, users can easily create their own metaverse NFT and transact their digital assetsas assets on the blockchain. On the GoodData blockchain, the perfect privacy computation technology ensures the user’s data security, and the user can easily realize the data right confirmation in the metaverse.

The emergence of metaverse and NFT has promoted the development of a new digital world in the future. GDF believes that in the future, asset ownership will be more secure and fair in the blockchain environment, and personal privacy data will gradually play a greater asset value. When the frenetic market calms down, the real value of NFT will eventually appear in front of the public.

Summary of GoodData’s official account

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