Hopkins - MBA Trivia: NFT

Recently, there has been an NFT boom in the entertainment industry. Many artists such as Edison Chen, Shawn Yue, Chapman To, and YouTube channel "Trial & Error" have all participated in the NFT market one after another. Edison Chen's NFT products have brought him nearly 40 million Hong Kong dollars income. Last year, Shawn Yue cooperated with the auction house "Christie's" and successfully auctioned NFT artworks for HK$120 million, setting the highest online auction record in Asia that year.

NFT (Non-Fungible Token) is a virtual asset. It uses blockchain technology to record digital assets, and the recorded data cannot be changed. To understand what a non-fungible token is, you must first understand what a homogeneous token is. The physical currency we use every day, such as cash, or virtual currency such as Bitcoin (BTC), is a homogenized token. To give an example, we can exchange ten Hong Kong dollars in cash for two five dollars, or ten one dollars, but "non-fungible tokens" cannot. The characteristics of "non-fungible tokens" are that they are irreplaceable and non-split, and works cannot be split, which means that what the holders have are unique assets.

In fact, the application of NFT is not limited to digital art, it can also be applied to tickets, memberships, patents, contracts, or identification, etc. Being able to prove the provenance of a digital file is even more secure.

The most widely known is the sky-high transaction price of NFT artwork. The 39-year-old American artist Beeple successfully auctioned his collection "Everydays: The First 5000 Days" for about $69 million. However, although there are many sky-high transactions in NFT, its price volatility is also huge. So please be cautious before investing.

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