NFT gains popularity, attention to blockchain technology grows again

The term "NFT" (Non-Fungible Token) has become very popular recently, and it has been constantly appearing in news about the sale of artworks. The digital collage image file "Everydays: The First 5000 Days" created by American digital artist Beeple was traded in the form of NFT. Last month, it sold for a record US$69.3 million (approximately S$93.1 million) at the New York auction, shocking the art circle. The buyer turned out to be an Indian blockchain entrepreneur who settled in Singapore.

Associate Professor Hahn Jungpil, head of the Department of Information Systems and Analytics at the School of Computing, National University of Singapore, said in an interview that the independent authentication function of NFT can derive many usage scenarios. "For example, a virtual item in an online game cannot be traded outside the game. If the game is discontinued, the item will disappear. With NFT, the owner of the virtual item can sell it to people outside the online game."

Lianhe Zaobao, 11 April 2021