What is NFT that Mr. Trinh Van Quyet’s NFT photo sold for nearly 17,000 USD?

03/31/2022 16:39 GMT+7

Recently, on the OpenSea trading platform, an owner named AFENFT created an NFT with a picture of former FLC president Trinh Van Quyet. This image sold for 5 ETH (Ethereum – the 2nd largest virtual currency in the world after Bitcoin), equivalent to nearly 17,000 USD. The creator of this NFT does not mention anything in the description.

A series of NFTs with pictures of former FLC Group Chairman Trinh Van Quyet appeared on the OpenSea platform. (photo: Zing)

What is NFT?

NFT stands for English phrase Non-fungible Token. An NFT is a unique digital certificate registered in a blockchain, used to document ownership of an asset such as artwork or collectibles.

NFT encodes and represents anything from music, art, website domains or even tweets.

For example, if you own a picture and you want to certify your ownership, you can completely encode that picture into an NFT Token. That token is kept on the blockchain and it is unique and irreplaceable.

Although it has been around for a few years, NFT has only recently started to explode when many works are sold for millions of dollars. Many people consider NFT as a type of digital asset. In Vietnam, many famous artists have also joined the NFT movement.

Currently, social networks are also racing to build NFT features. Twitter became the first major social network to allow users to choose NFT assets as their profile picture, but has only limited a few accounts to sign up for the paid service Twitter Blue. Meanwhile Meta is said to be considering rolling out some NFT-related functionality to Facebook and Instagram.

Young people should learn and carefully consider the risks if they intend to follow the NFT investment trend. Because for many years now, the State Bank of Vietnam has always given a message that affirms that virtual currencies like Bitcoin are not legal money, this is just a virtual, encrypted asset of technological development. The use of virtual currencies as a means of payment is not recognized and protected by Vietnamese law.

Lighthouse (th)