On May 21, 2021, the State Council convened the 51st meeting of the Financial Stability and Development Committee. The meeting put forward several requirements, including cracking down on Bitcoin mining and trading, and doing more for virtual currency trading and mining. aspect description. Since then, multiple departments have jointly issued relevant notices and notifications for dynamic supervision.
Recently, concepts related to Metaverse, digital collections, and NFT are very popular. The keyword network search index continues to rise. Many Internet giants at home and abroad have already deployed the Metaverse market. With the rapid development of the industry, is there any difference between NFT and other virtual currencies?
**What does NFT mean? What is NFT currency? **The full name of NFT is "Non-Fungible Token". To put it simply, NFT is conceptually opposite to cryptocurrencies such as Bitcoin that you and I are familiar with. Each NFT is unique and irreplaceable, and cannot be split when trading. In short, NFT can uniquely label valuable assets (such as a painting, a song, a game character model, etc.) to prevent them from being copied and shared at will, and can trace the assets in real time ownership. Based on this, the buyer who purchases the NFT can become the only owner of the NFT. Therefore, NFT has great potential in the digital art market, and people in the art world, collectors, game entertainment circles, etc. are flocking to it. Digital collections can be understood as digital works "hidden" on the blockchain, and their assets are unique, indivisible and traceable. Digital collections have unique identification and ownership information on the blockchain, which is equivalent to having an "ID card" to ensure that they will not be counterfeited.
The development of NFT is inseparable from the development of blockchain technology. Through the open, transparent and immutable characteristics of blockchain, the ownership records of digital assets are traded through tokens (tokens), such as music, art creation, Sports cards, etc., can all have a digital version of ownership, which can be used to verify the authenticity.
In 2021, the Dunhuang Feitian skin jointly launched by the Dunhuang Academy of Fine Arts and Alipay will initially sell for only 9.9 yuan. Alipay’s fan grain mini program launched two limited NFT skins with payment codes of “Dunhuang Flying Apsaras, Nine Color Deer” (referred to as “Dunhuang Skin”), and they were sold out immediately after they went online. The Dunhuang skin that once again entered the market was fired for 1.5 million sky-high price. As a new consumption mode of cultural products, digital collections bring a brand new experience to all parties. Digital collections meet the consumption habits, value aesthetics and social needs of modern young people in the virtual space, and will play a role that cannot be ignored in the process of promoting cultural art such as cultural museums to the public. In January 2021, the transaction volume of NFT was as high as 200 million U.S. dollars, compared with 250 million U.S. dollars in the whole year of 2020.
The NFT market will usher in explosive growth in 2021. According to Nonfungible data, the transaction volume of the NFT market in 2021Q2 will reach US$754 million, a year-on-year/month-on-month increase of 3453%/48%. Digital collections bring a market with huge potential. According to the statistics of Dune Analytics, a foreign data platform, in the first quarter of this year, the transaction scale of the foreign digital collection market exceeded 180 billion yuan. An organization predicts that by 2026, the scale of China's digital collection market will reach 30 billion yuan. Since NFT has obvious characteristics such as indivisibility, irreplaceability, and uniqueness, it is considered to be linked to some items in the real world, such as paintings, music, tickets, etc. While such items can be replicated in a variety of ways, they are unique in the blockchain world.
**Are NFTs compliant? As a digital right confirmation technology, NFT's essence and technical form are compliant. The development of NFT in China is relatively conservative, and industry regulation is evolving dynamically. At present, Zhejiang Province has launched the first standardized trading platform for digital collections, "Virtual Kishuzou" . NFT. **NFT refers to Non-Fungible Token, which is the mainstream form of foreign digital collections and relatively lacks a standardized market supervision mechanism; NFR, Non-Fungible Rights, emphasizes It is copyright and other rights and interests, and has a legal regulatory framework in China.
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