A review of a book I read before, around February. At the time, even the word NFT was unfamiliar, but after reading this book I came to understand quite a lot. It is a basic guide that contains everything from the fundamentals to practice (it teaches you even how to create a wallet and how to create and sell an NFT). It also contains basic content on cryptocurrency, so you can raise your understanding of cryptocurrency too!
An NFT (Non-Fungible Token) is a tool that lets creators trade without an intermediary. It is also a unique digital item whose transaction history has been verified through blockchain, the technology used in cryptocurrency. If you understand how to use NFTs well, you can return creators to a leading position. An NFT is a way for an artist to put a short piece of code into their work, helping them distribute the work without the worry of illegal copying and to be paid directly by fans.
To make something "unique," you can mint an image into a token on the blockchain so that it cannot be copied and shared on the internet, thereby turning the image into a one-and-only NFT. "Minting" comes from the word mint, meaning to coin currency, and refers to issuing cryptocurrency on the blockchain.
At some point we took it for granted that content on the internet is free, but for an NFT to have value and for a high price to form on it, the power of community and the story of the work and the artist are needed. You have to make people want to own the NFT and want it even at a higher price. Recent things like Pokémon bread could be an example, and there is also the example of the dolls (Beanie Babies) that sparked a collection boom in the past.
I believe NFT technology still has boundless potential for development. I think there are far more uses than the few art works currently being traded. After reading this book, I came to see cases of several companies utilizing NFTs.
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GS convenience store's "samgim" NFT. An event giving away NFTs by lottery when you purchase goods over a certain amount at the convenience store. It seems a good case of connecting NFTs with actual purchases to drive sales. If the value of this NFT rises later, participants will likely be even more satisfied.
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A domestic TV manufacturer made it possible to play an NFT I purchased directly on the TV... and so on. Not all uses have been discovered yet. There will be ideas that are far more outstanding and blend into people's lives. I think that if one invests ideas and capital at this time, it will become a business that produces even greater added value later.