As we enter the era often referred to as the Fourth Industrial Revolution, numerous new and unfamiliar terms have surfaced, despite their frequent mention. These include terms like "metaverse," "bitcoin," and "NFT." Of these, NFT has captured substantial attention as an investment opportunity and is emerging as a distinct asset class. Yet, conveying its precise meaning in a clear and concise manner remains a challenge.
NFTs, short for Non-Fungible Tokens, represent a revolutionary concept in the world of digital assets. They stand apart from traditional virtual assets by embodying uniqueness and scarcity. Each NFT is assigned a distinct identifier that sets it apart from all others, making it impossible to interchange or replicate. This exceptional characteristic is made possible through the utilization of blockchain technology, which ensures that every NFT retains a transparent and immutable record of its ownership and transaction history. Unlike cryptocurrencies such as Bitcoin, which possess standardized values, NFTs can exhibit a wide range of prices due to their individualized nature. Much like exquisitely crafted luxury bags adorned with artisan names and serial numbers, NFTs are bestowed with distinctive identifiers, endowing them with unparalleled value on a global scale.
As a means of embedding originality in digital content, NFTs are being actively utilized across various industries, including the art market and high-end brands such as automotive and luxury goods. Remarkably, NFT artworks have recently taken the spotlight, fetching prices that surpass even those of renowned masterpieces by artists like Van Gogh. For instance, an NFT artwork named "Space Key," linked to Fabian Oefner's mesmerizing piece "Space Time Memory," created in collaboration with Lamborghini, initially commenced its auction at KRW 110,000 (USD 80) but astoundingly concluded with a sale price of KRW 242 million (USD 192,000).
The Era of NFT Recognition
We find ourselves in an extraordinary era where a seemingly ordinary reaction image from internet, commonly known as "memes," can be exchanged as an NFT for an astounding value of KRW 87 million (USD 680,000). This is an age where any digitally recordable creation, regardless of its form, can be transformed into an NFT and offered as both tangible and intangible assets for sale, including memes. Notably, even renowned internet memes like "Muyaho" from the beloved Korean TV show "Infinite Challenge" or the iconic Doge image associated with Elon Musk have undergone this metamorphosis, trading at high prices in the NFT market. However, it is important to emphasize that it's not only celebrated memes that are being traded in this manner. Anything that can be digitally recorded, be it hobbyist drawings on an iPad, personal photographs, captivating illustrations, beloved game characters, soul-stirring music, or a plethora of other digital creations, all have the potential to be transformed into NFTs. The inclusivity and accessibility of NFTs have paved the way for diverse revenue-generating opportunities in this rapidly expanding space.
As a result of reduced travel and consumption during the COVID-19 pandemic, Millennials and Gen Zs have managed to amass extra savings, prompting a shift in their investment interests towards intriguing opportunities like NFTs. With the increasing use of NFTs in the art world, more and more individuals are either issuing NFTs for their personal collections or turning to exchanges to sell them. People are diving into art technology, purchasing popular meme NFTs, reselling them for a profit, or even creating and trading their own unique creations.
Dedicated NFT marketplaces serve as the primary venues for most NFT transactions, with prominent platforms such as OpenSea, Rarible, Zora, SuperRare, and Nifty Gateway leading the way. In South Korea, domestic NFT exchanges have also emerged, including "Meta Galaxia” (Metagalaxia.com) developed by Galaxia MetaVerse, a subsidiary of the Hyosung Group. Serving as a blockchain-focused enterprise, Meta Galaxia facilitates the issuance, sale, distribution, and management of various digital assets in the form of NFTs. This platform currently enables the trading of artworks created by renowned artists, sports stars' NFTs, photos, illustrations, and other diverse creations.
NFTtown: Your One-Stop Destination for NFT News
Hyosung TNS has introduced "NFTtown” (https://nfttown.io), an exclusive portal service tailored to NFTs, offering users an easy and informative way to learn about this burgeoning market. NFTtown encompasses a range of valuable services, from a captivating gallery showcasing NFT artworks to an informative library with details about NFT creators, as well as a dedicated educational hub on all things NFTs. Developed through a combination of Hyosung TNS's financial IT expertise and in collaboration with Galaxia MetaVerse, a professional NFT firm and exchange, NFTtown seeks to catalyze the thriving NFT business, which has garnered significant attention as a prime investment avenue. NFTtown provides a centralized platform where users can access various information related to NFTs, aiming to guide accurate and informed investment in NFTs. Not only does NFTtown provide the latest news related to NFTs and real-time transaction status, but it also offers a unique feature for comparing cryptocurrency and NFT marketplace data, providing a dynamic and diverse user experience. With the official launch, NFTtown has also incorporated the feature to compare cryptocurrency and NFT marketplace information, providing users with additional ways to enjoy the platform. We are continuously updating and enhancing the platform to offer an improved experience to its users.
To further enhance the value for its members, NFTtown offers the "Towner NFT '' membership, extending exclusive perks both online and offline. From early access to upcoming NFT lotteries to enticing discounts from eco-friendly fashion startups like Harlie K, PleatsMama, 119REO, and Luca Lab, members are rewarded for their participation. Offline benefits include discounts at select stores on Some Sevit and priority access to events hosted by NFTtown. As NFTtown forges ahead, it has ambitious plans for content expansion, the introduction of a dedicated mobile app, and integration with cutting-edge WEB3 wallet services that allow trading and additional functionalities. Notably, partnerships have been formed with prominent NFT-related companies, such as Pala and Galaxia Next, to enrich the platform with diverse content and offerings.
Starting from NFTtown, capitalizing on Hyosung TNS's financial IT expertise and Galaxia MetaVerse's wealth of digital assets and blockchain wallets, the company aims to develop a Security Token Offering (STO) platform. This visionary platform will facilitate decentralized investments in high-value assets like real estate and artworks, providing new avenues for discerning investors. Hyosung TNS is dedicated to fostering the growth of NFTtown, aspiring to build it into the premier NFT community in South Korea, leading the way in the activation and advancement of the NFT market. As the company's ambitious growth initiatives capture attention and admiration in the industry, NFTtown stands poised to leave a lasting impact in the world of NFTs.
Hyosung has been forward-thinking, anticipating the era of Singularity and diversifying its business to align with changing trends, catering to Millennials and Gen Z's consumer base. Among the promising areas of growth, the NFT business stands out. Exploring opportunities within the group, including ‘Galaxia Moneytree’ with its focus on mobile payments and entertainment, Hyosung aims to integrate cutting-edge technologies into these sectors, driving innovation to embrace the Singularity era. By combining the financial platform technology of Galaxia Moneytree and the financial IT expertise of Hyosung TNS, it has worked diligently to create a new platform, culminating in the launch of NFTtown, showcasing its commitment to customer-centric innovation. NFT transactions have already surpassed actual artwork sales, and NFTs are increasingly becoming commonplace assets in our daily lives, even showing potential applications in the real estate market. Through NFTtown, the largest domestic specialized NFT portal service crafted by Hyosung TNS, the company hopes to foster familiarity with NFTs and inspire their natural acceptance as a form of investment and asset. Despite their novelty to some, NFTs have already been integrated into various aspects of our daily lives. The company is dedicated to leveraging the power of NFTs and driving their expansion in the market of digital assets. As Hyosung continues to pioneer innovation, it aims to lead the way in embracing the transformative potential of NFTs in today's rapidly evolving landscape.
