Hi, blockchain enthusiasts!
Did you know that just a few weeks ago, Kuala Lumpur-based artist/illustrator Katun or his real name, Abdul Hafiz Abdul Rahman sold his NFT collections for a total of over RM1.6mil in 24 hours? That is about USD 380,000 or around 8 BTC. You can read more about it here, https://www.thestar.com.my/lifestyle/culture/2021/08/25/two-nft-collections-by-malaysian-artist-katun-rake-in-over-rm16mil
Digital technology is just growing so rapidly and transforming societies. We must try our best to catch up or we would be left in the unknown, unable to adopt and affecting efficiency. Even if you have no interest in adopting the forever-changing digital technology, it is always best to be in the best knowledge of every available update so that the educational gap in digital technology can be lessened.
Anyway, lets us look at NFT, it is just another BTC?
What is NFT?
NFT is a non-fungible token. An NFT is a unit of data with a unique digital identifier that cannot be copied, replaced, or partitioned, 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. It is definitely not just another BTC, the similarity between these two is only the fact that they both are created on the blockchain.
Essentially, NFT are like physical collector’s items, only digital. An easy example would be where a seller owned a one-of-a-kind, Digimon Card, if he ever trades the card, he would have something completely different; because his Digimon Card cannot be copied or replaced.
NFT also granted the owner or buyer exclusive ownership rights, only one owner can have own a specific NFT. We think that’s what is so appealing about NFT, you get to get ownership.
Is NFT Widely Utilized?
So far, we have read that NFTs are more widely used for art as blockchain technology and NFTs provide artists or creators a unique opportunity to monetize their products. As expected, blockchain allows artists or creators to dismiss the need for intermediaries like galleries or auction houses to sell their products.
As artists and creators usually create arts, it is very sensible for them to list their arts or products on NFTs platforms as it also grants the buyer; ownership, like how you would get a certificate to an original painting or sculpture.
NFT is in fact already very widely used, as you can see from these platforms; Opensea.io, Rarible, and Foundation.
Should you consider buying NFT?
Essentially, NFT is another type of investment. As with other forms of investments, please do your research and understand the risks attached to them. As NFT’s value is based entirely on a very specific demand, you have to expect that an NFT you own may be an acquired taste, and thus you may not be able to resell it at all or if you are lucky, it may be sold but for less than you paid for it.
If you have money to spare and feel like collecting NFTs, you may do so, it is after all investment, just do your research and hope for the best.
Till then, stay safe! Don’t forget to follow our page for more news on blockchain, digital technologies, and cryptocurrencies!