The world's first SMS text was sold as an NFT with a valuation of US$ 121,000. The SMS text containing the word 'Merry Christmas' was sent on December 3, 1992. The NFT was sold at an auction hosted by Vodafone, a British telecoms company.
What is a NFT ?
- A Non Fungible Token (NFT) contains exclusive cryptographic tokens that exists on a blockchain which could not be replicated.
- When an individual purchases a NFT, they are essentially buying the rights of ownership of the NFT.
- Classification of NFTs can include images, avatars, videos and artwork.
Why it Matters
A trend in NFTs has been showcased not only in western societies, but in Southeast Asian countries as well. According to a forecast by Finder, they had forecast the adoption rate of NFTs with countries such as Philippines (41.5%), Thailand (34.5%), and Malaysia (34.4%).
In a Nutshell
With the ever-increasing trend of NFTs appearing through various social media outlets, individuals and businesses could conduct research on this innovation and potentially integrate it into their personal lives and business activities.