This is How NFT Works - Bikin Greget

NFT is part of blockchain technology, a digital data storage system that allows users to secretly transfer data to each other, through encryption schemes in cryptography.

The scheme can convert information data into a secret code before it is sent, so that the data cannot be tracked and owned by other users who do not have the data.

There is a lot of data in the blockchain, one of which is cryptocurrencies like Ethereum, Bitcoin, and so on. Well, the form of data in the blockchain system is growing, one of which is NFT digital certificates.

As mentioned above, digital certificates in NFT are usually embedded in images, photos, videos, or other digital works of art. When the digital artwork becomes NFT, which means it is encrypted in the blockchain.

Therefore, the digital artwork cannot be duplicated in cyberspace, by people who are not the original owners. Simply put, NFT can be said to be like a physical copyright certificate that can guarantee the authenticity of a work of art.

The difference is that NFT is a digital certificate. Various works that are used as NFT itself, such as images or videos, can usually be saved and viewed by many people. However, there is only one person who has the original version which comes with a digital ownership certificate stored in the blockchain.

From the way NFT works, it is possible to roughly imagine why the price of NFT can soar. The most basic reason for the question is, because there is no domination and domination in the NFT trading scheme. In other words, no dominant actor can control the price in NFT.