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NFTs Non-Fungible Tokens Focus

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equivalent and indistinguishable. In contrast, NFT is unique which cannot be exchanged like-for-like (equivalently, non-fungible), making it suitable for iden- tifying something or someone in a unique way. To be specific, by using NFTs on smart contracts (in Ethereum [119]), a creator can easily prove the existence and ownership of digital assets in the form of videos, images, arts [83], event tickets [103], etc. Furthermore, the creator can also earn royalties each time of a successful trade on any NFT market or by peer-to-peer exchanging. Full-history tradability, deep liquidity, and convenient interoperability enable NFT to be- come a promising intellectual property (IP)-protection solution. Although, in essence, NFTs represent little more than code, but the codes to a buyer have ascribed value when considering its comparative scarcity as a digital object. It well secures selling prices of these IP-related products that may have seemed unthinkable for non-fungible virtual assets. In recent years, NFTs have garnered remarkable attention from both the indus- trial and scientific communities. It was reported that the 24-hour trading volume on average of the NFT market is 4, 592, 146, 914 USD1 , while the 24-hour trad- ing volume of the entire cryptocurrency market is 341,017,001,809 USD. The liquidity of NFT-related solutions has accounted for 1.3% of the entire cryp- tocurrency market in such a short period (5 months). Early investors obtain thousandfold returns by selling unique digital collectibles. At the time of writing (May 2021), the NFTs-related market has significantly increased compared to one year ago (January 2020). Specifically, the total number of sales is 25,729 and their total amounts spent on completed sales reach 34,530,649.86 USD2. In particular, the total number of primary-market sales occupies 17,140, while the number of secondary sales (user-to-user) is 8, 589. Correspondingly, the total USD used on primary market sales is 8, 816, 531.10. Besides, the active market wallets achieve 12,836, which is still increasing at a high speed as time goes. Surprisingly, the sale of NFTs was estimated at 12 million (December 2020) but exploded to 340 million within just two months (February 2021). Such skyrock- eting development makes NFT become a craze, or even be described by some as the future of digital assets. Besides the above data, people have expressed interest in various types of NFTs. They participate in NFT-related games or trades with enthusiasm. CryptoPunks [20], one of the first NFT on Ethereum, has created more than 10, 000 collectible punks (6039 males and 3840 females) and further promoted the ERC-721 stan- dard to become popular. CryptoKitties [19] officially put NFTs on notice, and hit the market in 2017 with the gamification of the breeding mechanics. Participants fiercely competed at high prices to auction the rare cats, and the highest price reaches more than 999 ETH3 (equally 3M USD). Another outstanding instance is NBA Top Shot [44], which is an NFT trading platform used to buy/sell digital short videos of NBA moments. Thousands of NBA fans from around worldwide 1 Data source from Coingecko (May, 2021) https://www.coingecko.com/en/nft 2 Data captured from https://nonfungible.com/market/history 3 Price available: https://www.cryptokitties.co/kitty/1866420 2

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