NFTs and Tulip Mania
This article was commissioned by China Business Journal; see http://www.cb.com.cn/index/show/zl/cv/cv13456431853 NFT is the full name of Non-Fungible Token. A literal translation would be “non-fungible token.” The so-called token, also translated as “coin” or “token,” refers to some kind of rights certificate: coupons, prize-redemption slips, game coins, and so on all count as tokens. Of course, in the blockchain context it generally refers to a unit of account in a digital ledger. The various digital currencies that were wildly hyped a few years ago were basically “fungible tokens.” Recently, however, NFT has exploded overnight and rapidly gone mainstream. Speculators these days do not care at all whether the object of speculation…
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