NFT MARKET EXPLODES WITH POPULARITY

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Non-fungible tokens are all the rage now. NFTs provide a public certificate of authenticity and proof of ownership by implanting cryptographic codes in digital files like photos and videos. With the capability to verify original editions, the digital asset market is now exploding, leading to concerns about another tech bubble.

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This start-up provides IT-based property auction services. The company has recently decided to expand into a new business. NFT consulting services.

[Soundbite] Lee Jang-woo(Co-Founder of NextIB) : "The scope of using NFTs is very extensive, considering that the technology can provide proof of authenticity for anything digital. Digital contents can be turned into assets through NFT."

Many firms are turning their attention to non-fungible tokens. It began with the game industry. Now, the NFT craze is spreading to other fields, including entertainment and property markets. From making and selling digital files of celebrities’ photos as well as videos to properties in the virtual space, all in the form of NFTs. The single-line message first posted by the founder of Twitter recently sold for 3.2 billion won. Digital avatars, introduced in 2017, are now selling for an average of over 100 million won per unit. The combined value of the avatars is estimated at roughly 4.8 trillion won.

[Soundbite] Choi Soo-hyuk(Korea Blockchain Startup Association) : "NFT has opened up a market in which anything can become a product if imagination is employed. It is not even localized. It enables people all around the world to make transactions with each other."

However, there are also concerns about the new digital boom. Due to lack of rules and regulations in place, disputes are likely to occur over the ownership of tokenized digital products. NFT prices could plunge any time, as there are no certified exchanges and appropriate market prices, and they are seen as a speculative hype.

[Soundbite] Prof. Wi Jong-hyun(Chung-Ang Univ.) : "NFTs are intangible assets like cryptocurrency, which has crashed. So they can collapse or even vanish any time."

While the government reviews the option of levying taxes on gains from NFTs, experts are calling for a legal system to regulate NFT transactions.