NFT - Have you ever heard of NFT? This term may still sound unfamiliar to some people, but NFT (Non-Fungible Tokens) are becoming a hot topic in today's digital world.
 
NFT is a unique digital token that cannot be exchanged with each other, in contrast to digital assets such as cryptocurrencies or stocks that can be exchanged for the same amount.
 
NFTs are widely found in the field of digital art, such as images, videos, or even tweets, which are then sold at fantastic prices. Not only that, NFT has also begun to be applied to various other industries, including the world of online transactions.
 
In this article, we will take a deeper dive into NFT and how they will impact the future of online transactions. Let's start by explaining the basic concepts about NFT.

 

nft
NFT and the future of online transactions

Table of Contents


What is NFT?

NFT stands for Non-Fungible Tokens, which can simply be interpreted as a unique digital token that is not interchangeable with each other. NFTs use the same blockchain technology as cryptocurrencies such as Bitcoin or Ethereum. However, what distinguishes NFTs from cryptocurrencies is their function and usefulness. NFTs are used to represent ownership of digital assets, such as images or videos. Each NFT has a unique code that makes it different from other NFTs, making it impossible to counterfeit or duplicate.

How Do NFT Work?

Each NFT is based on blockchain technology that ensures authenticity and ownership of digital assets. When someone buys an NFT, they are actually buying ownership rights to the digital asset represented by the NFT. Given that each NFT has a unique code, NFTs are not interchangeable with other NFTs with each other. For example, if someone buys an NFT of a digital image, then they have the ownership rights to the image, but cannot trade the NFT with other digital image NFTs.

 

Also Read : Learn About What NFT Are and How to Sell and Buy Them

What are the Benefits of NFTs?

NFTs have several benefits, including:

  1. Authenticity and guaranteed ownership of digital assets
  2. The potential to increase the value of digital assets represented by NFTs
  3. Potential to facilitate online transactions, especially in the digital art industry

How Will NFT Affect the Future of Online Transactions?

NFT have great potential in influencing the future of online transactions. Here are some of the possible impacts of NFTs on the online transaction industry: Increased security of online transactions: By using blockchain technology, NFTs ensure the authenticity and ownership of digital assets, thereby reducing the risk of fraud and fraud in online transactions.


Ease of copyright recognition: In the digital art industry, copyright recognition is often a difficult problem to overcome. With NFTs, buyers can easily prove ownership of digital assets and their copyrights, thereby reducing the risk of legal disputes. Potential for increasing value of digital assets: NFTs allow one to own ownership of unique and rare digital assets, such as digital art, videos, or even tweets. Since each NFT has a unique code and is not interchangeable with other NFTs, the potential value of the digital assets represented by NFTs can also increase. Opening up new markets for the digital art industry: In the digital art industry, it is often difficult to sell artwork in person. With NFTs, the digital art market has become more open and can cover the entire world, as buyers can buy and own ownership of digital artworks from anywhere.


Get to know GIC, the trusted stock trading platform in Indonesia!



NFT GIC is one of the new products from GIC in collaboration with Korean blockchain company Sinest so that it can create a 'fun world' connected to blockchain-based technology. GIC Verse itself will trade art that has three types of NFTs with each advantage. 

 

For those of you who buy NFTs on GIC Verse, you will automatically get a Market Maker account on GIC Social Trade. Market Maker itself is a liquidity provider so you can complete transactions from the trader's side.

 

Once you become a Market Maker, then you will earn passive income from it. GIC as a trading service provider will bring together traders and market makers to be able to benefit from trading itself so that transactions will become more transparent without any invisible fees.

 

Immediately make NFT GIC an investment opportunity for you. GIC NFT is the first asset-backed NFT that gives owners full fractional ownership of a market account on GICTrade. GIC Verse launched a wide variety of GIC NFT collections.

The advantage you get is that you can resell at various prices. Each level of NFT GIC has different benefits where each of the NFTs has its own uniqueness and limited stock! By buying NFTs, you will automatically become a Market Maker on GIC. Earn income back every month by becoming a market maker.

FAQ

Are NFTs only used on digital art?

No, NFTs are not only used in digital art. NFTs are starting to be applied to various industries, such as video games, sports, or even in the world of education.


In the video game industry, NFTs are used to represent ownership of characters or items in games. A player can purchase an NFT that represents ownership of a specific character or item in the game, and can then trade those NFTs with other players. In the world of sports, NFTs are used to represent ownership of digital assets such as tickets or merchandise. A sports fan can purchase an NFT that represents ownership of a specific ticket or merchandise, and can then trade those NFTs with other sports fans. In the world of education, NFTs are used to represent ownership of certificates or awards. A student can purchase an NFT that represents ownership of a particular certificate or award, and then can trade those NFTs with other students.


Are NFT prices always high?


No, the price of NFTs is not always high. The price of NFTs is highly dependent on factors such as uniqueness, popularity, and market demand. An NFT that is rare and considered unique by many, such as well-known digital art, can be sold for a fantastic price. However, NFTs that are less popular or considered mediocre may not have a high value. Additionally, the price of NFTs can also be affected by external factors, such as market conditions and current trends. The price of NFTs can go up or down along with changes in the market and trends.


How can I buy NFT?


You can buy NFTs on NFT marketplace platforms such as OpenSea, Nifty Gateway, or SuperRare. Before buying an NFT, be sure to do your research first to ensure the authenticity and quality of the NFT you are buying.


In general, you need to have an account on the NFT marketplace platform first to be able to buy NFTs. Once you have an account, you can conduct a search and select the NFT you want to buy. On each NFT, information about the uniqueness and quality of the NFT, as well as the price requested by the seller, will be listed. Once you have found the NFT you want to buy, you can buy it using cryptocurrencies such as Bitcoin or Ethereum. After purchasing an NFT, you will receive a certificate showing your ownership of the NFT. You can trade those NFTs with other buyers or keep them as a long-term investment.

Summary


NFT is a new innovation in the digital world that has great potential to influence the future of online transactions. In the world of digital art, NFTs allow artists to monetize their work and provide copyright recognition, while for buyers, NFTs provide certainty about ownership of unique and secure digital assets.


However, apart from the digital art industry, NFTs are also starting to be applied to various other industries, such as video games, sports, or even in the world of education. For example, in the video game industry, NFTs are used to represent ownership of characters or items in a game. A player can purchase an NFT that represents ownership of a specific character or item in the game, and can then trade those NFTs with other players. However, before entering the world of NFTs and online transactions, keep in mind that NFTs can also be a risk if not managed properly. For example, several fake NFTs have been found on the NFT marketplace, so it's important to do your research first to ensure the authenticity and quality of the NFTs you're going to buy.


Additionally, it's also worth remembering that the price of NFTs is highly dependent on factors such as uniqueness, popularity, and market demand. Therefore, before buying an NFT, be sure to do your research first and consider the possible risks and benefits associated with the NFT. In conclusion, NFTs have great potential in influencing the future of online transactions, both in the digital art industry and in various other industries. However, keep in mind to understand the concepts and risks associated with NFTs and online transactions before entering the world. That way, you can make informed decisions and harness the potential of NFTs and the future of online transactions.

 

Reference:

  • "What is an NFT?" by Coinbase, https://www.coinbase.com/learn/crypto-basics/what-are-nfts
  • "Non-fungible tokens (NFTs)" by Ethereum, https://ethereum.org/en/nft/
  • "NFTs: A Deep Dive into Non-Fungible Tokens" by OpenSea, https://opensea.io/blog/guides/non-fungible-tokens/
  • "NFTs Explained" by Nifty Gateway, https://niftygateway.com/learn/nfts-explained
  • "The Rise of NFTs: What You Need to Know" by Investopedia, https://www.investopedia.com/nfts-the-basics-5114862