Back

Topp Jirayut on Cryptocurrency and NFT

Video Talk

Topp Jirayut on Cryptocurrency and NFT

Video TalkMar 05, 2022194 Views1 m 58 s

Watch Topp Jirayut on Cryptocurrency and NFT in the CI Talks Cryptocurrency Revolution web series. To explain how NFT works, Topp uses Michael Jackson's microphone as a non fungible token example. Like digital art or paintings, it could be digitalized and traded on blockchain.

Studio

Bangkok Studio

0Comments

READ

NEWS & ARTICLES

Find inspirational articles and ideas from successful people here.

Topp Jirayut on Cryptocurrency and NFT

What is NFT?
It stands for Non Fungible Token.
What is a Non Fungible Token?

The world of fintech, blockchain and cryptocurrency is full of jargon which can be a barrier for some people who are baffled by the techie terms used. In “Topp Jirayut on Cryptocurrency and NFT”, the Founder and CEO of Bitkub delves into fungible and non fungible to give us an understanding of what they are and how it all works.

Non Fungible Token Meaning

Topp defines fungibility as being simply a property of money. Now let's take a look at the difference between fungible and non fungible tokens (tokens have actually been used since Roman times).

Fungible Tokens

Anything that is “Fungible'' is divisible and standardized, as it is the same as the next token and is not unique.

The obvious example is any flat currency (i.e. the dollar or Thai baht). A 100 Baht note in Bangkok has exactly the same value as a 100 Baht note in Chiang Mai.

Non Fungible Tokens

Non Fungible Tokens, on the other hand, are not divisible and are completely unique. Examples could include a car, a boat or house; physical assets that are one-of-a-kind. A flight ticket is also non fungible as it is for a specific person, on a specific airline, at a specific time, on a specific date. Non fungible tokens are unique, they cannot be replicated.

Non Fungible Token Example

The Non Fungible Token example that Topp Jirayut uses is a microphone used by Michael Jackson before he died. The microphone itself might have been industry standard, something like a Shure SM 58 for example. What makes this particular microphone “Super Non Fungible”, regardless of make and model, is because it was used by Michael Jackson.

But how can we digitize “Michael Jackson’s Microphone” and upload it online?

If we simply took a photo and uploaded the photo, the image could be copied infinitum. Using blockchain technology, owners have the ability to represent an item of digital property or unique physical asset as a Non Fungible Token (NFT) that represents one single, unique unit.

The Future of Money

As per the real world, cryptocurrency has two types of digital value; both fungible and non-fungible. But the real power of blockchain is its ability to fuel Decentralized Finance (DeFi) and it is the combination of Blockchain, Cryptocurrency, DeFi and NFT that is already disrupting the global finance industry and is set to cause a transformational shift in the way we live day-by-day.

Topp Jirayut Srupsrisopa

Topp Jirayut Srupsrisopa

Our HostTopp Jirayut on Cryptocurrency and NFT
Topp Jirayut Srupsrisopa is the Founder and Group CEO of Bitkub Holdings, the largest and most successful cryptocurrency fintech company in Thailand. A leading open blockchain expert, Topp is Vice President and Executive Board Member of the Thai Fintech Association.