CryptoYC Weekly Learning: NFT Past and Present

01

NFT Status

NFTs are growing rapidly.

By September 2020, NFT had reached its small peak, attracting investment from celebrities and well-known subscribers from all walks of life. However, from the end of 2020, there will be a rapid growth of NFTs which has never been seen before. The rapid development of NFT is separated by the popularity of DeFi, which has become one of the future directions of blockchain development after DeFi.

Currently, ongoing activities such as the Dapper Labs group still play an important role in the functioning of the NFT, and new companies have gradually emerged, making it an unreliable role in the NFT.

The NFT industry accounts for a small fraction.

Currently, the market price of DTVs is low and the market value is increasing.As of March 10, 2021, the total NFT market capitalization was only $770 billion, or 0.5% of the total cryptocurrency market capitalization. (Source: Quince Gecko)

The difference between NFT and FT

In the blockchain realm, tokens can be divided into two types from an exchange perspective: homogenized and inconsistent.

A homogeneous token called FT (FungibleToken) is infinitely divisible, interchangeable with ERC20 according to the original format.However, homogenized tokens have their limits. In real life, everything that has real value is often irreplaceable and indivisible.

Non-fungible token Non-fungible token (NFT) is a unique and inseparable symbol such as game accessories, tickets, artwork, etc.NFT complies with ERC721 and ERC1155 protocol appeared.

The difference between NFT and FT is whether they are interchangeable and whether they are divisible.Comparing physical assets, NFT is a traditional asset and FT is a currency such as US dollar, RMB and gold bullion. A dirty dollar has the same purchasing power as a new dollar. Second, since no one tears calligraphy and paintings, NFTs are indivisible, Bitcoin can only be small units, and FTs are divisible.

01

Tcologie NFT

From games to art collections

In 2017, NFTs became known as CryptoKitties. However, changes have taken place since 2018 and art objects have played an important role in the NFT ecosystem. The characteristics of the inconsistencies and shortcomings of NFTs make them apt to account for the ownership of blockchain assets, thereby recognizing the integration of virtual world and real assets in fact.

NFT Activity Report, fatcatfun.com

NFT law enforcement has also developed the "NFT Art Report 2018-2019", and other commercial products feature art writing features.

Original Blockchain Game: CryptoKitties

When it comes to NFTs, we have to talk about the CryptoKitties project, and the popularity of the CryptoKitties project in late 2017 made NFTs public for the first time.CryptoKitties is a blockchain that allows users to buy, breed, sell and print virtual cats with unique characteristics such as a beautiful face, eye color, hair shape, tail, Hair clips belly, eyebrows, mouth, chin, mustaches and face. a game.

In December 2017, the game became so popular that it caused stagnation on ETHereum. According to statistics, at the height of the hype, CryptoKitties has 1.5 million users and a $ 40 million increase in the packaging industry. Among them, the most expensive baby "Dragon" sells for 600 ETH ($ 170,000).

Today, CryptoKitties have invaded their space and their products and services are slowly declining. In 2021, the "monster" that once cost 600 ETH will cost $805,000 instead of $170,000.

Although NFTs have been around for a long time, they are still in their infants. Optimistically, NFTs are starting to enter more areas, especially hot DeFi hotspots.And, it's not just that. NFT status can be embedded in all aspects of life, and virtual homes, forest carbon sinks, financial events, etc. are all pieces of information that can be integrated into NFTs. I believe that in the future, more and more people will know the value of NFT.