BANDUNG, unpas.ac.id – Recently, NFT or Non-Fungible Token is getting more popular within societ, especially after a young man named Ghozali made billions of rupiah in profit due to his self-camera picture collection uploaded as an NFT product in OpenSea.
On his account ‘Ghozali Everyday’, there are 933 NFTs, all of which are his selfies. His most expensive NFT asset is currently redeemed up to 999 Ethereum (ETH) or the equivalent of 43 billion rupiahs.
What is NFT? What makes it so popular and expensive?
Summarized from various sources, NFT is a virtual token that represents a valuable item with a value that cannot be exchanged or replaced.
NFT has actually been around since 2014, but began to be in high demand and experienced rapid development at the end of January 2021. This is in line with the increasing number of crypto currency holders and conventional investors who want to have blockchain-based digital assets.
NFTs can be physical or digital items, such as artwork, videos, photos, soundtracks, collectibles, games, real estate, and so on. Although they can be used to buy things, unlike crypto assets, NFTs are difficult to trade.
NFT has few excellences; one of which is related to its authenticity. Its concept allows buyers to own an original item without getting duplicated. Apart from that, NFT also encloses the ownership certificate of the item.
Although the items have already been purchased, they can still be can still be freely distributed and duplicated by internet users. However, its authenticity or originality of the item cannot be falsified. It is what makes NFT valuable.
NFT is equipped with unique data such as fingerprints that work to make it easier to verify the owner. In fact, NFT owners can also store certain information, such as affixing a signature to their work through NFT metadata.
The popularity of NFT itself is still very limited in industry, hobbies, arts, or entertainment. This is because users and fans still consider and perceive NFT as a new era of digital collection, so that it can support favourite artists, athletes, and musicians without the need for intermediaries and pieces from third parties.
Why Can NFT be So Expensive?
There are various reasons, of course. For art connoisseurs, the reason for purchasing NFT at a fantastic price is none other than a form of appreciation. While Ghozali was taking self-camera picture, although it looks trivial, his consistency in taking photos for five years (2017-2021) is able to make his work valuable.
On the other hand, the personality aspect also sometimes influences the sale of NFT assets. In addition, the buyer can speculate that the price of the item will continue to rise and be profitable. (Reta)*
