Golden Observation丨What is the significance of investing in NFT?

Golden Finance Blockchain, May 20th In a free market, people can freely explore value within the scope of what they can see, and the currently explored value happens to be in digital tokens with implicit ownership. At this stage, NFT (that is, non-homogeneous tokens) has attracted more and more attention from the encryption community, and more and more people want to explore value in this field, and NFT has become popular all of a sudden.

In the most basic sense, NFT is a digital token that can represent the ownership of an underlying asset. If we want to verify the authenticity of an original painting in the real world, it is very troublesome, because we have to give evidence of authenticity for each paint on the canvas (that is, to prove that each painting comes from the brushstrokes of the painter himself). Since many world-famous paintings have many identical copies, in the digital field, if you want to authenticate original paintings, NFT should be a better way. In contrast, NFT is a digital ownership token, and the purchase of NFT does not affect the special access rights to the underlying digital artifacts.

Jinse Finance Mining Data Report: BTC’s total network computing power dropped by 1.72% today: Jinse Finance reported that according to the data from the Spider Mine Pool:

The computing power of the BTC network is 151.908EH/s, the mining difficulty is 21.72T, the current block height is 673197, and the theoretical income is 0.00000661/T/day.

The computing power of the ETH network is 413.362TH/s, the mining difficulty is 5269.68T, the current block height is 11975605, and the theoretical income is 0.00542421/100MH/day.

The BSV network computing power is 0.548EH/s, the mining difficulty is 0.07T, the current block height is 677037, and the theoretical income is 0.00164326/T/day.

The computing power of the BCH network is 1.523EH/s, the mining difficulty is 0.19, the current block height is 677365, and the theoretical income is 0.00059084/T/day. [2021/3/5 18:17:37]

Just after world-renowned auction houses like Sotheby's began to enter this field, more and more ordinary people began to buy NFT tokens on some professional trading platforms. For example, Sina Estavi spent a huge sum of US$2.9 million just to purchase the first tweet NFT in the history of Twitter founder Jack Dorsey (Jack Dorsey), but in fact he did not purchase the NFT for his acquire any form of exclusive rights per se. On the other hand, Sina Estavi does now have the NFT of the first tweet in history, but it doesn't seem to need the permission of all of us, just like we can now buy a ticket for the Louvre and enjoy the " Like the Mona Lisa.

Jinse Finance mining data broadcast | BTC’s network computing power rose by 4.22% today: Jinse Finance reported that according to the data from the spider mining pool:

The computing power of the entire ETH network is 176.870TH/s, the mining difficulty is 2237.85T, the current block height is 9757026, and the theoretical income is 0.00797196/100MH/day.

The computing power of the BTC network is 100.098EH/s, the mining difficulty is 13.91T, the current block height is 623258, and the theoretical income is 0.00001807/T/day.

The BSV network computing power is 2.467EH/s, the mining difficulty is 0.36T, the current block height is 628110, and the theoretical income is 0.00072958/T/day. [2020/3/28]

The significance of investing in NFT

Although various media are hyping this emerging industry, there are not many people who really understand what NFT is, and even some so-called professionals cannot actually give a convincing answer. So why are people scrambling to buy NFTs? What is the point of investing in NFT?

Analysis | Golden Disk: FGI Fear Index 26: Golden Disk Comprehensive Analysis: The FGI Fear Index showed 26 on September 4, and the market panic has calmed down. Historically, the probability of a rebound below 20 is high. If it continues to rise, the market rebounds The trend will continue. [2018/9/4]

In fact, we can regard NFT as another blockchain application, designed to solve a very specific problem, rather than a pure digital currency. In fact, as early as 2014, digital artists had created and distributed millions of purely digital works of art, and then uploaded them to microblogging sites such as Tumblr. Many works began to be widely reprinted in the community, but these works were basically without signature There is also no background information such as the author. Frankly speaking, these artists are very loyal to the spirit of the times, and they don't really expect to be compensated through these works. But New York University professor Kevin McCoy and technology expert Anil Dash think this approach is inappropriate. They believe that artists should claim the ownership of their own works. If there is no other reason, the ownership of the works created by artists should belong to themselves.

Golden Finance News: On November 10, Biwin.com issued a new announcement, deciding to close the RMB trading business. November 10: Stop registration, stop RMB recharge business; on the 14th, gradually remove all blockchain products. All RMB transaction services will be suspended on the 30th; the website will stop serving before the 30th. [2017/11/10]

Immediately afterwards, Anil Dash and Kevin McCoy designed a solution known as the NFT prototype-generating a token that represents the ownership of digital assets, and then attaching the token to a blockchain that can be freely traded , thereby creating a strong digital ownership trajectory. However, due to the imperfection of this solution and the technical limitations at the time, it was impossible to attach actual digital artefacts to the blockchain. As a result, the tokens they created could only be loosely linked to the underlying assets and used only as A digital representation of the actual artifact. But even today, most NFTs only provide a connection to the underlying asset, or at best a "compressed" digital representation. This means that even if you spend millions of dollars on an NFT, access to the underlying digital asset may still depend on whether the site hosting that digital asset is still healthy or active.

Distributed ledger technology is widely used

Whenever we mention “blockchain,” we automatically think of Bitcoin, but the practical applications of distributed ledger technology go far beyond the application of decentralized cryptocurrencies, which The centralization feature is actually first revealed through the form of NFT. A decentralized distributed ledger enables people who don't know each other and have never faced each other to transact in a purely digital environment without the need for a trusted third-party intermediary. When NFT is applied to other business contexts, the core functionality of the blockchain allows us to redesign many traditional legal and business structures that we have used for centuries.

As far back as the 14th century, the process of transporting goods from shipper to consignee has always required the exchange of certain documents that acted as proof of ownership of the goods, as well as their shipment and receipt, without which business could not proceed. Even today in the 21st century, the authenticity of the shipment must be proven in the form of original documents, and the consignee can only receive the goods at the destination port by presenting a physical copy of the corresponding bill of lading.

But now, things have changed. Some ocean shipping companies are beginning to experiment with electronic bills of lading on distributed ledgers, which can be used as certificates of title-zce and shipping documents. Over time, the blockchain they build will also integrate IoT devices into workflows, automatically triggering payments or other obligations once a consignment reaches its precise destination, without human intervention.

Summary

NFT is different from Bitcoin, it is not a valuable asset, nor is it a digital asset, but a symbol of ownership. Even though purchasing an NFT may mean that you have a claim of ownership over the underlying asset, your tokens cannot be used to exercise any rights associated with ownership. Of course, this is not to say that NFT is worthless. As a hot new thing, NFT has quickly gone out of the circle and become the focus of more and more people's attention. The emergence of new things must be accompanied by huge controversy, and there must be bubbles, but I believe that after rounds of bubbles are squeezed out, the true value of NFT will gradually emerge.

Part of this article comes from Yahoo Finance

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