Getting to Know NFT, a Digital Collection Platform That Can Give Big Profits

Recently, the social media world was excited about NFT or Non-Fungible Tokens. This investment asset, began to be discussed excitedly thanks to a man from Indonesia, Ghozali, who became a billionaire thanks to NFT.

Ghozali managed to reap billions of rupiah in profits from selling his work, with the concept of “Ghozali Everyday” in the form of taking selfies every day. Each selfie photo is sold on one of the largest NFT marketplaces, OpenSea.

So, what exactly is NFT? Why is this Ghozali figure able to make that much profit just by selling selfie photos? Check out the following explanation.

What is NFT (Non-Fungible Token)?

NFT or Non-Fungible Token is a digital asset on the blockchain network that has an identification code and metadata that is unique or different from one another. NFT can also be interpreted as an asset computerized, which represents various items.

Simply put, NFT uses blockchain technology to record digital transactions on it. NFT itself is a unique or valuable item, which has an exchange rate that cannot be replaced.

The types of unique or valuable items that can be sold as NFT assets themselves vary from tangible to intangible. These can include game assets, pictures, photos, paintings, videos, music and more.

NFT is a new platform for digital collection media, which can be a means of supporting artists in marketing their work as NFT assets, with a large reward offer. The big reward comes from investors who are willing to pay for the NFT assets.

Same with instrument investation or other assets, NFT also has value through market mechanisms. The factor driving the NFT price is influenced by the level of demand and supply for the NFT.

Characteristics of NFT (Non Fungible Token)

The main characteristics of NFT as an investment asset that make it unique and different from others. Are as follows:

• Unique Digital Asset

The digital assets used as NFTs are usually unique. Each NFT token is proven to be unique, so there is no similarity between each NFT. In addition, the NFT itself is already recorded on the blockchain network, which has a unique identification code and metadata

• Transparent

NFT has a transparent nature, namely because of ownership, source and movement of NFT can be tracked and viewed directly real-time on the blockchain network.

• Can't be faked

Each NFT token allows it to be authenticated, so it cannot be forged or replicated. This is because each token is backed by a ledger (ledger) immutable digital and decentralized network.

• Adaptable

NFT is said to be adaptable because these assets easily blend into the digital ecosystem of the metaverse world, which supports the use and application of NFT. Players can trade NFT, on various marketplace platforms that support NFT.

Video: Explanation of NFT and How to Sell It on OpenSea's NFT Marketplace

https://www.youtube.com/watch?v=gfGuPd1CELo