Everything from Bitcoin to used sneakers is soaring. As central banks of different countries use ultra-low interest rate policies to overcome the Corona 19 crisis, excessive liquidity in the market is raising the prices of various assets.
The asset that has risen the most recently is by far bitcoin. It has risen more than 100% only this year. However, there are products that are more advanced than Bitcoin.
It is a non-fungible token (NFT). NFT uses the blockchain technology that is the basis of cryptocurrency (virtual currency), and has the advantage of being able to clearly specify the ownership of online content such as photos and videos because all people who owned the product are recorded.
Because NFT can give virtual assets the value of scarcity and uniqueness, it is rapidly increasing its influence in areas such as digital art and game item trading. Netizens are enthusiastic about NFT, saying that they can completely prove ownership of virtual items thanks to blockchain technology.
There are more NFTs than Bitcoin in Google search. It is gaining sensational popularity.
In fact, there are a number of people who have sold NFT products and have become millionaires. At a recent Christie auction, a work of art created by Mike Winkelman (pseudonym Biffle) using NFT technology was sold for $69.3 million (approximately 77.5 billion).
At the first Christie auction in his life, he became the third-highest surviving writer after Jeff Koons and David Hockney.
Elon Musk, Tesla’s CEO’s NFT, is also raising $1 million. Musk CEO said on the 16th that after linking a song to his Twitter, it will be auctioned in the form of an NFT.
Afterwards, a person appeared to buy this NFT for $1121,000 (1,268.97 million won), but Musk’s CEO suddenly refused. Musk said on his Twitter on the 17th that “selling it doesn’t seem right,” and “just pass it.”
Earlier, Musk CEO’s wife and singer Grimes made auctions of digital paintings with encryption technology such as Bitcoin, earning 6.5 billion won in 20 minutes.
Grimes put his song in the background on a fictional image of a baby angel with wings protecting Mars and put it on an online auction.
These digital artworks attracted the attention of online auction participants as it was speculated that they depicted Musk’s space trip to Mars, a child born between Musk and Grimes, and sold out in 20 minutes.
Experts say that new generations who want to have their own things that others don’t have are enthusiastic about the NFT, but the bubble is likely to go out once interest rates start to rise.
