[01etc] How to NFT: What is NFT?
Welcome to 01etc NFT Planet!
NFT Marketplace ‘01etc’ powered by leading crypto bank Delio provides the ‘How to NFT’ series for those who are floating around 01etc NFT planet but would like to dive into an ‘NFT atmosphere’. Before exploring 01etc NFT planet, can you answer the next question: What is NFT?
Here is an easy-to-follow guide on everything you need to know about NFTs.
What is NFT?
NFT refers to ‘Non-Fungible Token’ By applying blockchain technology, each token has its own recognition value, so exchange and replication are impossible. NFT is based on a blockchain, so all related information such as ownership and sales history are stored in the blockchain.
It is used in various places that need to prevent forgery and prove the value of digital assets, such as many fashions and luxury brands because it is possible to check ownership with first-time issuers at any time and cannot be forged.
Beginning of NFT
NFT has begun with the Ethereum-based DAPP (Decentralized Application) game — CryptoKitties, developed by startup DAPPER LABS in 2017, that makes its own rare cat by mating cats with NFT attributes. A remarkable fact about this game is that a digital cat in the game was traded for 110,000 dollars at the end of 2017.
NFT is being used in various industries, including fashion, beauty, sports, games, art, and real estate, and as a form of membership and issuance of warranties. Recently, large domestic and foreign companies have entered the NFT market, and various attempts have been made to incorporate NFT and metaverse into execution.
Growth of the NFT Market
In 2021, global NFT transactions amounted to $17.6 billion, up 215 times from $82 million in 2020. So far this year, NFT transactions have averaged $687 million per share, up from the fourth quarter of last year (average of 620 million).
Many companies are participating in the NFT market, and it is predicted that the speculative nature will be avoided and that the real hard work and projects will begin to be determined. NFT works issued by companies can be purchased and sold through NFT marketplaces.
NFT begins with 01etc, where anyone can become a creator, trade NFTs and receive extra bonuses.
01etc, an NFT marketplace for both creators and the traders which provides differentiated services through the exemption of transaction fees, DSP (governance token) rewards for NFT minting, and all-kinds-of-transactions. Moreover, it will provide NFT-backed loans, and NFT rental services in the near future.
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