NFT is different from Bitcoin so what is the point of investing in NFT?

NFT is a digital token that can represent ownership of an underlying asset, so it is a symbol of ownership.

NFT is different from Bitcoin so what is the point of investing in NFT?

NFT continues to be hot lately, but the question that arises is what exactly is the investment value of NFT?

From a minting and issuance perspective, NFT is a digital token that can represent ownership of an underlying asset, so it is a symbol of ownership.

For example, Leonardo da Vinci’s magnum opus, the Mona Lisa, can have many identical copies that have little to no value. But in the digital realm, if one wants to authenticate the original Mona Lisa, NFT should be a better way to do so.

Because in the real world, we have to certify the authenticity of the original work is very troublesome, assuming that to verify the “Mona Lisa”, it is necessary to give evidence of authenticity in every paint on the canvas, and even to perform X-ray irradiation for verification, etc..

In contrast, then, NFT acts as a digital token of ownership, and by purchasing NFT, you own the work as a mechanism of trust.

At the same time, you own the NFT, but it does not affect access to others, meaning that everyone can view the painting, but in effect the ownership of the NFT is separate from the access.

In the traditional real world, you can buy a ticket to the Louvre to view the original Mona Lisa; in the digital society, you can own a piece of art and let everyone enjoy it for free or for a fee, and at the same time, you can also transfer the transaction or auction the transaction.

And the biggest problem right now is that NFT is issued based on blockchain technology, which will allow many traditional legal and business structures to be changed, and the cost of making such changes is huge, knowing that we have been using these legal and business structures for many centuries.

Looking back at past business cases, the first people to design the NFT prototype were NYU professor Kevin McCoy and technologist Anil Dash Anil Dash.

In 2014 there was a group of digital artists who created and distributed millions of purely digital artworks, which were then uploaded to multiple micro-blogging sites on the Internet, and many of which began to be widely republished in the community, but which were largely unattributed and without contextual information such as authorship.

The NYU professor and technologist thought the artists should claim ownership of their works. So they devised a solution: generate a token that represents ownership of a digital asset and then attach that token to a blockchain that can be freely traded, creating a robust digital ownership track.

This would have been the first person to devise a prototype for NFT, wanting to solve the problem of attribution of artworks on the web. It has evolved to the point where the technical conditions are ripe for implementation, but again, the overall market is not as robust as it was in 2014.

Of course, we always believe that exploring the value of NFT is a very necessary and interesting thing to do in a digital society that is gradually taking shape, and we will continue to explore and implement it.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nft-is-different-from-bitcoin-so-what-is-the-point-of-investing-in-nft/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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