“NFT (non-fungible token)” plays an important role in “Web3”, the next-generation web technology. It uses blockchain to guarantee the uniqueness (originality) of digital items.
Digital items have always been plagued with piracy problems as they are easy to copy. NFT can guarantee the uniqueness of the work, so it will be possible to distinguish between the genuine article and the copy.
However, the NFT fad is waning. This is because the number of cases where they are bought and sold at extremely high prices is decreasing, and the aspect of speculation is fading.
Personally, I don’t think this is all that bad for NFTs. Although the market size seems to have shrunk, the importance of NFTs has not changed. Rather, there is also a positive aspect that NFT will become more popular as it becomes easier.
In fact, there are many NFTs that are still attracting attention. For example, Walt Disney’s NFT collection is extremely popular. Japanese companies with powerful intellectual property (IP) also seem to be actively considering the commercialization of NFTs.
There are also examples of how to use NFTs that are closely related to daily life. Starbucks (Starbucks) will start a trial service called “Starbucks Odyssey” using Web3 at the end of 2022. With this service, NFT stamps can be collected through activities such as games. It is planned to support the buying and selling of NFTs between members.
Two walls that stand in the way of NFT beginners
However, it is not so easy for individuals to get started with NFTs at this time. I believe there are two main barriers.
The first is the “wall of crypto assets”. This is because when purchasing NFTs, it is common to pay the consideration in crypto assets.
To obtain crypto assets in Japan, you must first ask a crypto asset exchange to create an account. At that time, strict identity verification (KYC) is legally required. It is not a simple thing like “I can open an account immediately”, it generally takes more than a few days. Once you have an account, deposit Japanese yen using the method specified by the exchange. This will be the first time you will be able to purchase crypto assets.
The second is the “Wallet Wall”. To use Web3 services, it is common to install software called a “wallet” on a personal computer. Send and receive crypto assets in your wallet.