And it’s not only digital art pieces that can be sold via NFT. Twitter CEO Jack Dorsey sold the first tweet at US$2,915,835.47, and reportedly converted the price to Bitcoins and donated to a charitable organization, GiveDirectly to the Africa funds.
It can also be a jpeg, an NBA Top Shot, a New York Times Column, for you to claim digital ownership.
So, what is NFT? The full name for NFT is ‘non-fungible token’. It is a digital cryptocurrency that contains a bit of code to verify the digital collections’ authenticity that can be tracked through blockchain.
While the digital pieces can be copied, the verification key keeps the original unique and authentic.
Unlike other types of cryptocurrencies which can be substituted with different units, the NFTs are traded on the Ethereum blockchain on digital assets that are uniquely one of their kind and inseparable, think of the concept as houses or tickets that point to different seats at the stadium.
Where can NFT be traded?
The trading is done via blockchain marketplaces. Founded in 2017, OpenSea is currently the largest marketplace for trading NFT. The company had raised US$23 million in March.
Where did it all begin?
The idea first emerged from the CryptoKitties game, where each crypto cat has different appearances, traits, and can breed new unique crypto kittens. The game is operated on Ethereum’s underlying blockchain network, with each crypto kitten represented as an NFT.
Developed by a Canadian studio named Dapper Labs, the NFTs are verified and tracked based on the ERC-721 smart contracts, unlike the ERC-20 smart contracts where cryptocurrencies are based on the same exchangeable units.
How big is the market size?
According to Forbes, OpenSea has seen surging cumulative sales reaching over US$100 million from US$5 million since the first week of January.
Is Taiwan joining the ride?
NFT is also making its way into journalistic pieces. The New York Times put a column on the NFT bid and was sold for roughly US$560,000. Times released three special edition covers for NFT auctions.
Taiwan Fact Check Center recently had two pieces of fact-checked news set on the first batch of NFT bidding items set by Facts-NFT, which was founded by Cristina Tardáguila, to raise funds for fact-checking works.
The two pieces were articles about the coronavirus initial outbreaks and the Hong-Kong protests, lined up with 20 other pieces from Brazil, US, and Spanish fact check centers.
NFT crypto art exhibition to be held in Taipei
Art Revolution Taipei (A.R.T.) will hold an NFT crypto art exhibition in May, exhibited art pieces will simultaneously be available on the OpenSea marketplace for international digital art collectors to bid on.