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The following content is sponsored by Next Decentrum
NFT has always been the hottest topic and the most frothy market in 2021, with sales increasing by 100 times, and it has also become a topic of discussion for evening talk shows.
It takes nearly ten years for cryptocurrency to penetrate into the mainstream, but it only takes a few years for NFT to attract people's attention. With brands such as Budweiser, Visa, and Adidas buying NFT and entering the field, it is clear that NFT is not just another hot new trend.
This infographic sponsored by Next Decentrum defines NFTs and explores the thriving ecosystem around them. Understand the meaning of irreplaceability, where NFTs are minted and traded, and the future of the asset class.
NFT is an irreplaceable token, and its ownership history and current ownership are encrypted on the blockchain. These tags can represent anything, whether it is a digital artwork in the form of a jpeg or a song in the form of an mp3 file.
By storing the transactions of these tokens on the blockchain, we can have the ownership of these digital goods and the digital proof of the market without having to worry about double spending or tampering with past transactions and ownership.
All this sounds very similar to cryptocurrency, so what makes NFT so special? Their irreplaceability. Unlike cryptocurrencies such as Bitcoin or Ethereum, non-fungible tokens represent commodities or assets with unique attributes and attributes, allowing them to have unique value even if they belong to the same set.
Fungible: Commodities with interchangeable units of indistinguishable value. Examples: USD, Bitcoin, arcade tokens
Irreplaceable: Commodities with unique attributes have unique value compared with similar commodities. Examples: real estate, painting, NFT
The most popular NFT collection Cryptopunks is a 10,000 pixel art "punk" collection with different attributes, such as different hats, glasses, hairstyles, etc. The random combination of attributes with different scarcity results in each punk having a unique value.
Scarcity and subjective aesthetic preferences drive the valuation of cryptopunks and other NFTs. Other factors include their historical significance, and even the blockchains they host can affect their value.
There are many different blockchains that can create and host NFTs, among which Ethereum is currently the blockchain with the largest market capitalization and transaction volume and the most used.
Ethereum uses an energy-intensive proof-of-work consensus method, but the network plans to transition to proof-of-stake next year, which will reduce energy use by about 99%.
Source: Messari.io as of November 29, 2021
In addition to its energy intensity concerns, compared with other blockchains, the costs of casting and transactions on the Ethereum blockchain are much higher.
The average transaction fee of Ethereum is between 30-80 U.S. dollars (depending on the specific transaction), the current NFT minting fee is about 130 U.S. dollars, and all other blockchain transaction and minting fees in the above table are less than 1 U.S. dollar.
Although these high Ethereum fees have prompted many users to explore other blockchains to mint NFTs, when minting on Ethereum, many secondary markets help pay for some or all of the gas fees.
In addition to the main blockchain network for casting and hosting NFTs, there are various NFT secondary markets, and most NFT transactions are conducted on these secondary markets.
These markets make it easier for users to cast, buy and sell NFTs, and OpenSea has become the leading secondary NFT market. It is estimated that OpenSea's transaction volume in November 2021 reached 1.9 billion US dollars, accounting for more than 95% of NFT transaction volume.
Although some markets (such as OpenSea) allow anyone to easily cast and provide NFTs for sale, other platforms such as SuperRare limit the art and artists provided, creating a more carefully planned market. Similarly, some markets (such as OpenSea) host NFTs from multiple blockchains (such as Ethereum and Polygon), while other markets (such as Hic et Nunc) are faithful to one blockchain (Tezos).
Although OpenSea currently dominates the secondary market, cryptocurrency exchanges may soon provide some new competition. Coinbase is currently building its own NFT market, while the markets of FTX, Ethereum and Solana NFT are up and running.
NFT caused a huge sensation in 2021, providing creators with a digital and decentralized network where they can host and exchange their work.
Currently, digital-first use cases are at the forefront of NFT development, and the ownership of game assets or commodities in two main use cases is being explored. However, NFT can be used to tokenize physical assets such as real estate and physical artworks, opening up almost unlimited possibilities for their applications.
From eliminating the friction of paperwork and bureaucracy in today's real estate transactions, to allowing easy division of asset ownership, the tangible real-world use cases of NFTs are just beginning to be explored.
To learn more about NFT, please visit Next Decentrum.
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Copper can kill up to 99.9% of bacteria on the surface within two hours of contact and slow the spread of disease.
Every day, frequently touched surfaces bring health risks to people in public places, especially the most vulnerable people in the healthcare field. In fact, at any given time, 7 out of every 100 hospitalized patients will be infected with health care acquired or “hospital infection” at least once.
Copper has natural antibacterial properties, which can kill up to 99.9% of bacteria on the surface within two hours of contact and slow the spread of diseases.
In this infographic from our sponsor Teck, we explored the antibacterial power of copper and its key role in public health.
Due to its powerful antibacterial properties, copper can kill bacteria in order:
This rapid killing mechanism prevents cells from replicating on the copper surface and significantly reduces the number of bacteria on the surface.
Antibacterial copper can effectively fight bacteria that cause common diseases, such as staphylococcal infections and E. coli that cause foodborne diseases. Metal continuously kills bacteria and never wears out.
In addition to bacteria, researchers are currently studying the effect of copper on the virus that causes COVID-19. A previous study showed that SARS-CoV-2 was completely destroyed within four hours on a copper surface, compared to 24 hours on cardboard, and up to three days on plastic and stainless steel surfaces. Pre-pandemic research also proved that copper has the ability to kill other coronaviruses.
Institutions around the world have deployed antibacterial copper solutions related to hospitals, fitness centers, public transportation systems, schools, professional sports teams, office buildings, restaurants, etc.
So far, antibacterial copper has been installed in more than 300 medical institutions around the world. According to an independent study by the Health Economics Alliance of York University, the payback period for the installation of copper fittings is only two months, taking into account the cost reduction of the patient’s hospital stay and shortened treatment time.
In Canada, Teck worked with its partners to install antibacterial copper coatings on high-contact surfaces in hospitals, educational buildings, and public transportation.
The Stanley Cup champion Los Angeles Kings installed an antibacterial copper surface in a strength training facility in California. In addition, Atlanta Hartsfield-Jackson International Airport also has more than 50 water bottle filling stations made of antibacterial copper.
Although many hospitals and other institutions are already using copper fittings, others are still unaware of its impact characteristics.
As awareness increases, copper can become a simple but effective material that can help control the spread of infection.
With the ubiquity of mobile phones almost everywhere in the world, mobile commerce is occupying an increasing share of the global e-commerce market.
Mobile phones are becoming more and more common around the world. In fact, by 2021, there will be more mobile connections than people on Earth.
Therefore, the mCommerce market is rapidly expanding. By 2025, the share of mobile commerce in US retail sales is expected to double.
This chart from Logiq provides a snapshot of the mobile commerce landscape and how companies are taking advantage of this rapidly changing retail environment.
First of all, what is mobile commerce? It is essentially any financial transaction completed on a mobile device. There are three main types:
In other words, mobile commerce is a branch of e-commerce that allows people to buy and sell goods from almost anywhere through mobile connections.
Mobile commerce accounts for a large part of global e-commerce sales. As of May 2021, it accounts for 65% of total global retail e-commerce sales.
But some regions adopt it faster than others. In the Asia-Pacific region, 79.7% of total e-commerce sales in the region are done through mobile devices.
Why is mobile commerce so common in the Asia-Pacific region? One reason may be the relatively young (and tech-savvy) population of the region-15 to 24 years old make up 19% of its total population.
This, coupled with the high levels of wealth and general digital competitiveness in the Asia-Pacific region—especially in China—can help explain why mobile commerce has taken off so quickly in the region.
Although the mobile commerce market in each region looks slightly different, it is expected to grow globally. In the next five years, the global mobile commerce market is expected to grow to US$2.7 trillion, with a compound annual growth rate of approximately 34%.
Due to the increasing popularity of mobile commerce, there have been many positive effects and some challenges.
A big positive effect is its convenience. Mobile shopping allows consumers to make on-demand shopping anytime, anywhere, as long as there is a mobile connection.
It also helps create a frictionless shopping experience. For example, thanks to a mobile wallet, customers don’t even have to enter their credit card details to buy something—with one click.
Having said that, its rapid growth also means that companies need to consider ways to optimize mobile devices. Like e-commerce, innovation in the mobile commerce field is fast and evolving, which means companies need to stay agile to avoid falling behind.
Despite these challenges, mobile commerce is expected to continue to grow. If companies want to remain competitive, they need to cater to this market.
Logiq can help companies navigate this ever-changing environment. It allows companies to plan and execute multi-channel strategies, and provides data analysis to help track progress.
To learn more about Logiq products, click here.
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