[Wise Crypto Life] 10. NFT Part 1
A first auction of this kind
The era of NFT Flooding
In recent articles, the word NFT has been pouring out. ‘NFT (Non Fungible Token)’ is a digital asset that can transparently capture the original author, owner, and transaction history by utilizing the features of blockchain technology that cannot be forged or tampered with. Thanks to this, NFTs are actively used in the fields of arts and entertainment, where copyright issues have always been a matter of contention. Since digital files are easy to replicate, illegal use has been prevalent in the past, making it difficult to determine the original ones. However, with NFT, it is possible to prove that it is the original piece by giving it unique ownership and uniqueness.
We must also note that the “smart contract” on the Ethereum network contributed greatly to the formation of this NFT (see Wise Crypto Life Part 9). If the pre-set conditions are met, NFTs can be traded reliably thanks to the “smart contract” function.
The NFT market has grown rapidly, surpassing $300 million in 2020 alone and $2 billion in the first quarter of 2021. Since there are so many different types of NFTs including music, video, art, games, and even tweets, we will take a look at the types of NFTs in two parts. There are heaps of interesting NFTs, stay tuned to learn more about them.
NFT in the Realm of Art
The works of artist Beeple greatly ignited the NFT market’s attention as it boomed after Beeple’s digital art recorded an all-time high of 78 billion won in March of this year. Since then, various artworks including works by Andy Warhol and Nam June Paik have appeared in the NFT market. The trend of gearing towards the NFT market as a means of employment has also been especially prominent among young artists.
NFT in the Music & Video Domain
1) Power Rangers NFT Card: Are you part of the generation that grew up watching Power Rangers? The 1990s the superhero television series ‘Power Rangers’, which was loved no less than the current Avengers, will come as an NFT card. This is a case where the recent retro craze and the new keyword NFT meet.
2) ‘An Experience to Die For’ starring Youn Yuh-jung: The unreleased movie will be sold as NFT. Since it is a form of dividing profit ownership of the movie, owners can receive the right to a portion of the movie’s revenue after its release in July.
Additionally, the song ‘A Tiger is Coming’ by Leenalchi that introduced new aspects of K-Music to the world will also be released through NFT.
NFT in the Sports World
1) Lee Sedol and AI AlphaGo match: An NFT featuring the game between Lee Sedol and AI AlphaGo, which generated a lot of attention in terms of the confrontation between humans and AI was put up for auction in May. This NFT was sold for a whopping 250 million won and was recognized for its value.
2) NBA Top Shot: Live cards featuring famous scenes of American professional basketball with big names have been NFTized. This card pack created a drawing and collecting craze among basketball enthusiasts, and the most popular LeBron James card was sold for a whopping 5.8 billion won.
3) K-Sports Star NFT: Following the NFT video of soccer player Koo Ja-Cheol’s uniform being released in May, an NFT featuring the proud volleyball queen Kim Yeon-Koung’s game will be released. Although the specific release schedule has not been released yet, it is expected that it will provoke a heated response as Kim Yeon-Koung has a strong fan base around the world.
Although the cryptocurrency market has recently been somewhat stagnant, the NFT market remains active. Next week, we will introduce more unique and surprising NFTs with the edition “You Sell THIS as NFT?”