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What is the significance of NFT to the world?

In 2021, a $69 million NFT “Everydays: The First 5000Days” from crypto artist Beeple made the word NFT instantly popular. Just last month, “Collins Dictionary” officially announced “NFT” as its 2021 vocabulary of the year, beating a series of candidate words including mixed office and metaverse.

What is NFT?

The Collins Dictionary defines NFT as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.”Webster’s Dictionary defines NFT as: “a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).

What decides the pricing of NFT?

The price economists talk about refers to exchange value. The exchange value of a commodity is related to its rarity-the price of a commodity depends on how many people want to own it. However, in the digital world, due to strong reproducibility and difficulty in determining ownership, it is often difficult for us to measure the exchange value of a digital asset. The emergence of NFT just solves such problems.

In the blockchain system, the value of NFT is directly proportional to scarcity. The scarcity of digital assets can be easily proven under the blockchain with transparency, security and tamper-proof modification of assets. As a result, many fields have also started the NFT program. For example, the NFT game Axie Infinity, the international luxury brand Louis Vuitton’s self-developed mobile game “Louis The Game”, and the $90.5 million CryptoPunk “alien” avatar.

NFT changed the traditional art trading market

Problems such as difficulty in appraisal of artworks, poor liquidity, and high transaction costs also hinder the development of traditional art trading markets to a large extent. With the help of NFT, creators simplify the transaction process and lower transaction friction by tokenizing their works, so that artworks can flow safely, efficiently, and at low cost in the global market.

The meaning of NFT in identification

In the GoodData blockchain, NFT Cyborg-Goody, which represents digital identity, gives the meaning of NFT digital identity. GoodData blockchain takes into account accessibility, privacy and security, and uses NFT to store and manage data identities and data. Allow users to control and manage data by themselves to achieve data autonomy.

If the metaverse is a mapping of the physical world, then the confirmation and transfer of assets in the physical world will be an inevitable condition for the establishment of the metaverse.

Cyborg-Goody connects user account data with behavioral data, and solves the problems of lack of identity on the blockchain, information isle between different blockchains, cross-chain identity sharing applications, and data isolation between on-chain and off-chain. It satisfies the entertainment, social interaction, consumption and many other scenes in the metaverse.

Summary of GoodData’s official account

website: https://goodata.io/

NFT introduction: goody.goodata.io

WeChat subscription account:Good Data Foundation

White paper:https://goodata.io/whitepaper.pdf

Medium:https://medium.com/gooddatafound

Twitter:https://twitter.com/gooddatafound

Telegram :https://t.me/gooddatafound

Discord:https://discord.gg/v9WayuMpHs

Reddit:https://www.reddit.com/r/GoodDataFoundation/

Weibo:https://weibo.com/7579699020

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