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NFT (non-fungible token - or translated as "legally irrefutable proof") is a type of proof of ownership of digital assets (images, videos, etc.), digital audio…).
What is NFT?
A "non-fungible token" is a digital crypto economy asset that represents physical or digital products and services. The term "substitutable" means that an asset can be exchanged for an asset of the same or equivalent value. 10 dollar bill
In other words, NFT is a type of digital asset whose ownership information is kept on the blockchain. NFT is used to digitally authenticate items like artwork, game items, etc. Most NFTs are hosted on Ethereum blockchain network or other blockchain networks like Flow, Solana, Polygon also support it. this type of authentication. this number.
In a nutshell, blockchain is a system that allows tracking of transactions sending and receiving information on the Internet. It functions as a LEDGER that stores information in the form of blocks of data gathered into a chain. The only digital assets that have been stored on the blockchain are immutable, forever unique and that is why they can be so expensive.
replaced by one or two identical $5 bills. Irreplaceable means something that cannot be replaced or divisible - because it is a single attested property.
Why are NFT games so hot?
Specifically, you can take a look at Google Trend's statistics. I would like to point out a few reasons that have caused this boom.
Poor income
If you are familiar with bitcoin, it is not surprising that there are stories of players making huge profits from Game NFT. There are even cases where they quit their main job and just focus on playing games. Not only that, they also hire others to play for them. specifically if you scroll through what the Facebook group can see. there are a lot of people they are looking for Game Axie Infinity player with full negotiable salary.
According to an article published on Rest of World, if you put into the game the wages of one hour of work, the player can earn as much as 2 working days. even the Philippines, even trying to tax their people just because Axie Infinity players have too high income.
COVID epidemic?
It seems that during our country's COVID epidemic, people tend to look for another source of income because COVID has taken away most people's main source of income. specifically, people who go to google and type in the keyword "Make money online" have increased by an average of 400% in the past 12 months.
Bitcoin's influence
The explosion in the price of the cryptocurrency market led to the FOMO as well as the new concept of NFT. to a certain extent gradually change the way the traditional game works. Specifically, as you can see, the price of NFT games is somewhat influenced by Bitcoin.
Can NFT Become a New Investment Trend?
Surely people are feeling skeptical that NFT will become a phenomenon like Bitcoin? Because NFTs are just some assets anyway, it's perfectly possible to download a picture from the same thing online. Why do people forsake millions of dollars just to get the "ownership" of that painting.
Why would a man spend nearly $70 million on a "bad" painting online just to prove that I own the painting? For a solution to this case, with quite a few devices set up.
The simplest reason to explain is probably that the man is too rich and he wants the feeling of owning a unique painting that no one else has. There are people who are willing to spend a large amount of money to buy a painting. They simply feel “happy” when that picture is hung on their wall. But most likely there will be a reason behind, most likely this is just a "push" to drive the NFT market.
Undeniably, the fact that the man spent $ 70 million to buy the painting online created a strong wave in the community and attracted the attention of many people. Even those who don't know anything about NFT, after knowing the news, "quickly" find out. And as more and more people know about NFT and realize it. The value of NFT will increase.
NFT in the future will most likely become a new investment trend, because the feature of NFT is really interesting and completely different from cryptocurrencies, and NFT's application also brings many values. difference value.
Thanks to its "unique" and "limited" nature, NFT is being applied in a variety of fields such as gaming, art, digitization of assets, etc. Accordingly, NFT tokens promise to have a lot of potential to increase. growth in the near future.
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