What’s So Interesting About The NFT System? Read More Here

The non-fungible token (NFT) system is being discussed recently. What’s so interesting about the NFT?

Elon Musk wrote a song about the NFT. He released the song in a tweet on his official Twitter account. The song was offered for 1.2 million dollars, or around Rp. 41 billion. But, unfortunately, Elon Musk still hasn’t released the song. Meanwhile, Jack Dorsey sold the first tweet on his official Twitter account, selling for USD2, 9 million or around Rp. 16 billion. Sales are made on the NFT system and sold on Ethereum.

Previously, there were also several artists who sold their works through the NFT. Pinot is one of them. He managed to sell his work for 3.25 ETH.

Why do they use the NFT system? What’s so interesting about the NFT system? Before we discuss how interesting this system is, you can read the understanding here.

NFT System is Digital

The NFT system is a part of blockchain technology. He adopted the nature of blockchain which is digital. Because the NFT sale is carried out online on the internet on a blockchain platform. So, a creator or inventor of technology or a creator of art, can auction his work on the internet and market it through social media.

As did Elon Musk and Jack Dorsey. They sell their work via Twitter.

NFT is Efficient

NFTs adopting blockchain also take on an efficient nature. Especially in terms of marketing a masterpiece.

Because it is done through an auction on the internet and exchanged for crypto, it certainly simplifies some problems. For example, such as difficulties in payment. An artist or technology developer can sell his work all over the world. Sales are made without meeting, only by auction. In addition, they also don’t have to worry about exchange rates or currency, if the creators and buyers are in different countries.

Because the sale uses crypto assets. Like the sale of Jack Dorsey’s first tweet which was sold at ETH.

NFT is Transparent and Safe

The interesting thing about the NFT system is that it is transparent and safe. Of course this is also a trait adopted from blockchain technology.

NFT conducts open tender which is transparent. Previously, work creators were also listed as patents in Intellectual Property Rights (HAKI).

So, NFT also makes creators or inventors to patent their products. The NFT system can also make it easier for workers to find duplications of their work.

So, this makes it easier for them to submit subpoena, request for sanctions or royalties and also reduce piracy.

Conclusion: Blockchain technology that will continue to evolve

So, blockchain is not just about Bitcoin and altcoins. However, so far it has also presented solutions to technology and financial problems. For example, with the discovery of a decentralized finance (DeFi) system and others. With the discovery of the NFT system, it seems to tell us that blockchain is also closer. Not only about finances and internet technology.

What else is the blockchain system that will evolve?

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