Non Fungible Token (NFT)
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Non Fungible Token

Non Fungible Token - Indodax Academy

Non Fungible Token (NFT) is a crypto technology like a digital certificate, which certifies that a party owns a virtual work of art. NFT is linked to a large blockchain system. NFT can be regarded as a sign or certification of ownership of an item, most of which is a digital artwork such as images, songs, memes, or other content in any form uploaded on the internet.

Well, even though the work is scattered on the internet and allows many to be duplicated so that it cannot be distinguished which work is the original, with the NFT, a digital work can be ascertained its authenticity, even though there are many copies circulating!

Assets with NFT will be recorded in the blockchain, a kind of digital “ledger” similar to the network that supports crypto assets, such as Bitcoin. Once the NFT is encrypted on the blockchain, it can no longer be replicated or duplicated. An example is the first tweet of the CEO of Twitter, Jack Dorsey, which was sold at a price of 2.9 million US dollars, equivalent to Rp. 42 billion, you know!

How come? So, this is because the tweet is being sold as a Non-Fungible Token. Each NFT sold has a unique code number and metadata that cannot be replicated, and is different from other NFT assets. The unique code can also track token issuers, original owners, and final owners for collectible works or items.

Thus, someone who has an Non Fungible Token (NFT) will have something of value in the digital world, just as they have an asset or item of value in the real world. Any work, such as an image or video, can usually be saved and viewed by many people. However, only one person owns the original version, which comes with a digital certificate of ownership stored on the blockchain.

Currently, there are already dedicated marketplaces for NFT, such as OpenSea and Known Origin. The rise of NFT is also supported by many parties who believe that NFT can be an evolution in art collection, especially digital art. Oh yes, one of the popular NFT projects whose tokens are available on INDODAX is Theta & Decentraland!

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