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Non-Fungible Token (NFT) Technology

Recently, Tesla CEO Elon Musk's wife and singer, Grimes, put up 10 digital paintings applied with NFT (Non-Fungible Token) at auction, making 6.5 billion won in 20 minutes. On the 6th (local time), Twitter founder Jack Dorsey auctioned off his first tweet uploaded in 2006 with NFT, which now soared to about 2.8 billion won. Also, the famous luxury brands Louis Vuitton and Breitling are continuing to sell their products through NFT technology and NFT collections in sports such as NBA, MLB, F1 and the European Football League.

NFT, which is commercialized in various fields, has shown a remarkable growth rate of 400% (total $250 million) compared to the previous year. According to Google data, it has also surpassed Ripple (XRP) and Bitcoin Cash (BCH), which are representative of cryptocurrency, and showed the largest search volume ever.

The continued NFT craze also strengthened related theme tokens, with an average increase of 14.5% compared to earlier this year. This proves that investors' interest has gone beyond just expectations and are making full-fledged investments in NFT.

Unlike traditional virtual assets, NFT gives unique recognition values to digital assets such as game items and digital artworks, and each token has its own value. It is a concept that distinguishes itself from FT (Fungible Token) such as Bitcoin, whose value per unit is one and the same, and its advantage is that ownership is thoroughly guaranteed and traded through blockchain-based encryption technology.

Then, why is NFT such a hot topic these days? It's because of its uniqueness, or exclusivity. In the meantime, cryptocurrency has been a digital asset that anyone can replicate, but now each token is transformed into its own unique value and identity through NFT technology.

A successful early model of NFT technology is the cat-raising game 'Cryptokitty'. The rare cat items in this game became a hot topic as non-replicable items, attracting people's attention as they were well over 1 billion won each.

The NFT market, showing rapid growth, is expected to grow exponentially with blockchain specialization technology and open up a new value economy. In particular, the applicability in various industries will have a significant impact on the mainstreaming of NFT.

Following De-Fi (Decentralized Finance), which was a trend last year, we carefully predict that NFT will become a dark horse that will lead the box office of the cryptocurrency market.

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