Photologue @theuostimes7
As offline auction houses have become difficult to open due to the COVID-19, various internet auctions and digital art transactions are being activated using NFT technology. NFT stands for 'Non-Fungible Token'. In general, digital assets are considered worthless because they are constantly replicable. However, if people can prove that an asset is original, they can obtain originality and be recognized for its value. NFT can be tagged on digital assets so that the originality of those assets can be proved. The NFT works based on the blockchain system, so there are records of who created the NFT and who it was sold to. In this way, digital assets can be traded through NFT.
This year, the NFT market has expanded significantly, and several related businessmen have appeared in Korea. NFT is widely used in the culture and arts field. If the NFT legally approves within the virtual assets in Korea, discussions on taxation will begin. However, in the parliamentary inspection, it is still necessary to consider whether NFT is included in virtual assets. However, international discussions are taking place over the definition of the NFT, and in Korea, the government plans to create a necessary system by reflecting trends with related ministries. In recent days, when 20s and 30s are highly interested in virtual asset, it would be good to think about whether NFT should be approved as a virtual asset.