HONG KONG, April 07, 2021 (GLOBE NEWSWIRE) -- Tailor Insight, the fintech market research organization, recently released a research report "WIMI's Content Library Makes Its NFT ( Non-Fungible Token ) Hologram Possible". No one thought that this would be the hottest asset in the spring of 2021. A rookie game trading card printed with NFL legendary quarterback Tom Brady sold for a record high price of $1.32 million, and Christie's auction house sold a digital artwork created by artist Beeple for a sky-high price of $69.3 million. Twitter CEO Jack Dorsey's first tweet was finally auctioned for $2.9 million, and the Rainbow Cat emoji package 10 years ago was auctioned for $580,000.
Behind these weird-sounding transactions, all have a common name, NFT (Non-fungible Token), which is the encrypted digital asset verified by blockchain technology. Artists, musicians, various influential people, and sports franchisees are all using NFTs to monetize previously cheap or free digital goods.
The COVID-19 pandemic made the art collection industry, which had been slow to develop in the digital process, instantly enter the fast lane. People are confined to their homes, trapped in front of computers, and cannot visit museums and auction houses in person. Digital assets have become a new hot spot for investment. More importantly, the activity of the stock market and the soaring value of cryptocurrencies have allowed people to see investment opportunities in them, and they have turned their attention to this field.
Blessed by celebrities and institutions, NFT becomes increasingly popular. Since 2021, the popularity of the NFT concept has soared. On March 6, according to BBC reports, Twitter co-founder and CEO Jack Dorsey auctioned his first-ever tweet in the form of NFT, with only five words, "just setting up my twttr" which was finally sold for more than $2.9 million on March 23. Five days later, Christie's auction house auctioned an NFT artwork, "Every Day: First 5000 Days", at a sky-high price of $69.3 million. The author was "Beeple", the American artist Mike Winkelman (Mike Winkelman), which caused a sensation.
On March 16, as a supporter of virtual currency, Tesla CEO Elon Musk also tweeted that he would sell a song about NFT as an NFT. However, only one day later, Musk said that because "selling NFT is not very suitable", he eliminated this idea.
So, why is NFT so popular now?
The emergence of NFT has indeed improved the property rights of digital works. The particularity of digital works is that it exists in the form of numbers rather than physical objects. Unlike physical works, digital works can be copied without a difference, resulting in the lack of property rights of such works. The emergence of NFT makes digital work unique. Even if you can copy it, it cannot replace the original work. Therefore, in the current rapid development of the digital economy, NFT, which has made digital works have clear property rights protection, is become such popular.
From the perspective of the characteristics and operation of NFT, it is not limited to art and content creation. It can be applied and traded in the fields of patents, intellectual property rights, real estate, collectibles, performance ticketing, financial transactions, and can even become a way of verifying documents such as certificates of identity documents.
The emergence of NFT is not a coincidence. In recent years, artists and related markets were in a dilemma. With the advent of the digital age, piracy can be completed with a camera button or double-clicking the mouse when copying. How to protect the interests of artists and the protection of copyright has always been an issue actively explored by the art market. In addition to games and entertainment, NFT can also be extended to the field of intellectual property. Some stocks in the U.S. stock market are most likely to extend to the field of NFT, such as WIMI.
WIMI Hologram Cloud has established a comprehensive holographic AR content library, and the format of holographic AR content covers from 3D models to holographic short videos. As of December 31, 2018, WIMI has a total of 4654 ready-to-use AR holographic content, which can be used in WIMI Hologram's holographic AR products and solutions, covering a wide range. Among them, 2961 are used for educational scenes, 851 are used for tourism, 739 are used for art and entertainment, and 103 are used for popular science. In addition, WIMI's content library is enriched with copyrighted content licensed from third parties.
According to some public information, WIMI focuses on holographic cloud services, mainly in vehicle-mounted AR holographic HUD, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation, and other professional fields, covering multiple links of AR technology, including holographic vehicle-mounted AR technology, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication, and so on. It is a holographic cloud comprehensive technical solution provider.
According to industry analysts, Internet giants have strong technical teams and a large number of application scenarios, and have a first-mover advantage on the blockchain. They can integrate upstream and downstream industrial chains through blockchain technology to further enrich and expand their original business.
At present, from the short-term perspective of the market, it is mainly to realize the digital confirmation, circulation, and transaction of online virtual property represented by artworks. As for the medium-term, the conversion of liquidity of traditional real-world assets such as stocks and private equity can be realized at any time. In the long run, through the prophecy machine system and so on, the realization of the real assets from assets online to assets on the chain process, will carry more abundant asset value.
It must be said that many people are full of expectations for NFT at the moment and believe that this is one of the most important application scenarios of blockchain technology. At the same time, according to the saying, the rarer a thing is, the more it is worth. Due to the scarcity created by NFTs, it just reveals an important economic principle: the relationship between supply and demand determines the price.
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Media contact
Alex Xie, Senior Analyst
Fintech Research Team, Tailor Insight Research