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Golden Observation丨Is NFT really as "fragrant" as advertised by the outside world?



Golden Finance Blockchain April 7 News I believe that the most popular application in the blockchain field in 2021 will be NFT. In February alone, NFT transactions totaled $340 million, more than the entire year of 2020.

NFT, or non-fungible token, is a type of cryptographic tool designed to tokenize digital goods (such as artwork) to be traded on the blockchain. The so-called "non-homogeneity" means that any token cannot be replaced by the same asset, while traditional fiat currencies (such as Indian rupees and US dollars), and even ordinary cryptocurrencies like Bitcoin and Ethereum can interact with each other. The $100 you have is essentially the same as the $100 I have.

If you send someone a bitcoin, when he returns it, the bitcoin returned will not be the one you just sent. An NFT is an "asset" in the digital world that can be bought and sold like any other physical asset, but each NFT has unique properties and is therefore not interchangeable with another NFT. In the digital world, everything is copyable, so if you want to forward an image to 10 people, you just keep the original image and create 10 new copies at the same time. However, blockchain technology does not allow you to copy the encrypted currency NFT, nor does it allow you to spend the same token twice.

Jinse Finance mining data broadcast | ETH's network computing power dropped by 1.12% today: Jinse Finance reported that according to the data of the spider mining pool:

The computing power of the BTC network is 169.269EH/s, the mining difficulty is 23.14T, the current block height is 679119, and the theoretical income is 0.00000606/T/day.

The computing power of the ETH network is 534.510TH/s, the mining difficulty is 6730.69T, the current block height is 12235217, and the theoretical income is 0.00425830/100MH/day.

The BSV network computing power is 0.726EH/s, the mining difficulty is 0.10T, the current block height is 682807, and the theoretical income is 0.00123894/T/day.

The computing power of the BCH network is 1.726EH/s, the mining difficulty is 0.24, the current block height is 683194, and the theoretical income is 0.00052154/T/day. [2021/4/14 20:16:57]

Generally speaking, works of art are items of original value and therefore irreplaceable, since each work of art is unique and no identical item can replace them. When users purchase NFTs of digital artwork, they can have complete confidence that the "item" they are purchasing was created and signed by the original artist, and not a replica or fraud. If someone takes a screenshot of a work of art and tries to sell it, this situation is actually similar to using an iPhone to take an authentic "Mona Lisa" in the Louvre, because in essence, NFT represents a digital property. Ownership", that is, it represents the "authentic work".

Jinse Finance March 2 mining currency data broadcast: Jinse Finance reported, according to the data of Coinin Mining Pool:

The daily income of mainstream currency mining is: BTC (¥0.98/T), ZEC (¥0.35/T), LTC (¥15.97/G), BSV (¥1.03/T), BCH (¥1.03/T), DASH (¥0.06/G).

The current popular mining machine data and net income are: Innosilicon T3+ (BTC, ¥24.11), Innosilicon A9 (ZEC, ¥11.87), and Antminer L3+ (LTC, ¥0.07). [2020/3/2]

In fact, when a digital artwork sells for an eye-popping price at a Christie’s auction, the winning bidder gets nothing tangible — no sculpture, no painting, not even a print. Instead, he/she only gets a unique digital token - NFT.

The NFT craze is coming

With the development of technology, people's life is becoming more and more digital. In fact, in the past few years, we have already had digital goods such as unique game tokens, game props and other collectibles, which are all uniquely marked and can be converted into NFTs in essence. In fact, any unique digital "asset" can be tagged with an NFT. Under the current market boom, these NFTs can obtain higher valuations in a short period of time, and the scope of assets is also all-encompassing.

Golden Evening News | List of important news on the evening of February 23: 12:00-21:00 Keywords: Hebei, Cardano, whales, CFTC

1. The Hebei Free Trade Zone carried out the \"separation of licenses\" reform, and actively explored blockchain and other new technology regulatory innovation models;

2. Data: 11% of Bitcoins are stored in whale addresses;

3. China Merchants Securities analyst: This year, we should pay more attention to digital currency and other partial applications;

4. 5 crypto companies donate nearly $60 million to universities to promote blockchain education;

5. CFTC: Telegram token Gram is a commodity not a security;

6. Vice President of Merkle Science: The current profitable business models in the encryption field are mining, exchanges and suppliers;

7. Slow Mist: The 2020 cryptocurrency ransomware has extorted 8 bitcoins;

8. Analyst: The price of Bitcoin can easily rise to $200,000 in two years;

9. BTC is now at $9,856, an intraday increase of 2.34%, and mainstream currencies generally rose. [2020/2/23]

In the recent period, due to the cryptocurrency boom and the sale of digital art through NFT have sold extremely high prices, market interest has been greatly stimulated again. Lebron James (Lebron James) and other NBA players' game "highlight moment" video NFT has set a sales volume of more than 230 million US dollars on NBA Top Shot; the music album of famous music DJ Justin Blau (Justin Blau) NFT was also released and sold on Origin DShop for US$12 million; the NFT work "Everydays: The First 5000 Days" by digital artist Beeple was successfully auctioned at Christie's for US$69.34 million.

Golden Finance live report Kraken CEO: US cryptocurrency regulation is left to too many regulators Japan has solved the problem at the national level: Golden Finance live report, today at the Coindesk 2018 Consensus Conference, Kraken CEO Jesse Powell expressed Kraken’s decision The reason for leaving New York is that he believes that Bitlicense's requirement to disclose information about the global customer base to New York State is untenable. He also cited tensions between U.S. anti-money laundering disclosure requirements (in this case the New York Bitlicense) and overseas or European privacy laws. In addition, he also called the letter sent to the exchange by former New York Attorney General Schneider as "disgusting" and "an insult." Powell sees regulatory failure in the U.S. as a result of leaving regulation to too many regulators (i.e., individual states), whereas places like Japan have addressed the issue at the national level. [2018/5/16]

In addition, Jack Dorsey, the founder and CEO of social media Twitter, also "made headlines" because his first tweet NFT was sold at a high price of 2.5 million US dollars. Jack Dorsey's tweet NFT has a digital certificate on it, which is signed by Jack Dorsey himself to ensure its authenticity. the

Jinse Finance Live Report The Nobel Laureate and "Bitcoin Jesus" are present, Hong Kong Nobel Heroes Day and Guangdong-Hong Kong-Macao Greater Bay Area New Finance Forum Academics and business leaders talk about blockchain: Jinse Finance live report, today, Hong Kong The Nobel Heroes Day and the Guangdong-Hong Kong-Macao Greater Bay Area New Finance Forum officially opened. At the New Finance Forum this afternoon, Nobel Prize winner Finn Kydland and "Bitcoin Jesus" Roger Ver will focus on blockchain topics with academics, blockchain companies, and venture capital circles. Discuss the application scenarios of the blockchain, the underlying technology of the blockchain, investment opportunities and future prospects of the blockchain. The conference is hosted by Yingxintai Capital, and Jinse Finance, as the only blockchain industry media, will send the latest news of the conference from the scene. [2018/4/7]

It is undeniable that the introduction of NFT has indeed solved the uniqueness of digital targets to a certain extent, which is also one of the many problems that currently exist on the Internet. As everything becomes more digital, it is necessary for the digital world to replicate physical properties such as uniqueness, scarcity, and proof of ownership. The owner information of each NFT will be recorded in the public blockchain, which can be easily verified by anyone. Artists and other creators can not only enter the global market through NFT, but also retain the ownership of their works, and even directly request resale royalties. Perhaps in the future, NFTs can also be used as collateral for decentralized loans.

Is NFT really as "fragrant" as advertised by the outside world?

However, just as some media are making hype about NFT, even big names in the industry such as Twitter founder Jack Dorsey and Tesla founder Elon Musk are also When actively promoting the NFT trend, we have to maintain a certain degree of vigilance against NFT.

On the one hand, NFT is essentially only the unique label of assets, and the value of NFT should not increase just because it has a label. If you had to make a comparison, an NFT might be similar to the unique barcode affixed to a package in a courier service. Each package has a barcode. Although the barcode is useful, it has no effect on the value of the package itself. Essentially, NFTs are no different, they are like unique barcodes, only decentralized and based on the blockchain.

On the other hand, because everyone can create unlimited NFT tokens, and in the real world, works of art are not produced at "zero cost", which is the biggest difference from NFT. However, once "zero-cost" NFTs finally flood the market, it will lead to more and more creators trying to profit from this craze, supply will overwhelm demand, and eventually cause prices to plummet.

Not only that, NFT values may be completely separated from the digital goods they mark by their nature, thus destroying their original value. If an NFT marks a painting, when the NFT is sold, the original creator can actually change his painting, and all "unique NFTs for new paintings" can still get free copies, so what else is there for NFTs sold in the past? value? In addition, although the essential value of NFT is a "proof of authenticity", the problem is that people can even create NFT for a "completely non-existent thing". If an artist has never created a certain painting, but publishes a fictional NFT online, who can verify it?

Finally, from the perspective of energy use, both cryptocurrency and NFT transactions seem to be unsustainable. The energy consumed by a bitcoin transaction may be equivalent to the energy consumption of 700,000 credit card swipes; while a single NFT transaction involves multiple digitization. The process, from creation, to purchase, to sale and resale, takes a lot of energy every step of the way. According to statistics, the average power consumption of NFT is about 340 kWh, which means that the carbon footprint is as high as 211 kg.

It is worth noting that along the way, NFT’s valuation has gone through traditional hype and bubble cycles. If by definition, NFT is not even a real asset, unless you are the creator, NFT will not provide any cash flow. If you want to make money, the only way is to find other NFT buyers, which means that once the bubble bursts, you can only bear all the losses yourself.

Part of this article comes from Yahoo Finance


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Golden Finance Blockchain April 7 News I believe that the most popular application in the blockchain field in 2021 will be NFT. In February alone, NFT transactions totaled $340 million.

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The article is contributed by the blockchain analysis of Niu Qi.