Home » Jay Chou’s NFTs were stolen and quickly sold – CoinDesk

Jay Chou’s NFTs were stolen and quickly sold – CoinDesk

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Jay Chou’s NFTs were stolen and quickly sold – CoinDesk

Jay Chou posted on Instagram that his BAYC #3738 NFT had been stolen. It is understood that the NFT was presented by MachiBigBrother in January this year.According to Chain Catcher, the information from Opensea and Ethscan shows that the NFT was transferred from Jay Chou’s address 1 hour ago, and quickly changed hands at LooksRare for 130 ETH and 155 ETH. At current ETH prices, Jay Chou’s NFTs are worth over $500,000.

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What is NFT?

The full name of NFT is Non-fungible-token, that is, non-fungible Token, which corresponds to FT (Fungible Token). A non-fungible token is a uniquely identified, non-interchangeable token that cannot be split.

We know that the Internet is a world where information can flow freely. Whether it is text, pictures or videos, all information can be instantly transferred to any corner of the world through the Internet. It can be said that the Internet has greatly subverted people’s way of life.

However, when these texts, pictures, and videos are transferred, the copy is actually transferred, and the original is still stored locally. When a picture has been spread countless times on the Internet, who can tell which is the original and which is the copy?

Because NFT has the characteristics of unique identification, the text, pictures and videos loaded with NFT are equivalent to having a unique identification in the digital world.

No matter how many copies of this information are copied, the one with the NFT identity is the original. And NFT is based on the underlying technology of the blockchain, which allows the information with NFT to be freely traded without the need for intermediary giants.

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The reason why the blockchain is called the “Internet of Value” is that it complements the last piece of the Internet puzzle and solves the “double-spending problem” of transactions without the need for a third-party intermediary. NFT is currently the “Internet of Value” a shining pearl.

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