KNCA Project Background
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NFT : Non Fungible Token
The wave of NFTs is coming all over the world.
The technology called NFT is that utilizes blockchain and is a field that has recently attracted attention along with the metaverse.
Each token has a unique value and has characteristics that cannot be replaced with other tokens.
NFTs can be applied and managed to most items with unique value, such as game items, limited edition products, and artwork.
In the meantime, digital creations can be reproduced infinitely, so the value of scarcity has been diluted,
but when NFT is applied, the value of ownership can be proven.
For centuries, humans have been collecting artistic objects for their aesthetic, economic, and emotional value.
Collectors, traditionally aristocrats and millionaires, bought works by artists such as Picasso, Van Gogh, Caravaggio or Banksy at astronomical prices.
Their market value is very high because they are the only original products in the world.
The exclusivity spurred sales that spread to other artistic fields such as music, film, or video games.
In the digital world, tokens are units of reference. A company's shares all have the same value, but a non-fungible token ties a specific value to a unique, rare, indivisible digital object. The value previously attributed to works of art for auction can now be applied to intangibles as well.
With the birth of Bitcoin, the concept of “trustless” digital scarcity (i.e. no intermediaries needed) was introduced. Before Bitcoin, the cost of replicating something in the digital world was close to zero. The advent of blockchain technology has enabled programmable digital scarcity and is being used to make the digital world mimic the physical world.
Non-Fungible Token(NFT), often referred to as crypto collectibles, extend this idea. Unlike cryptocurrencies, where all tokens are created equal, each non-fungible token is unique and limited in quantity. So, let's find out what NFTs are, what they can be used for, and how a rainbow cat gif sold for $500,000.
