ACCESSING OPEN DATA ON NFT

Abstract

As social media has played an essential role in expressing individual ideas, connecting, communicating, and interacting with one another on the digital platform, it has also provided a novel set of data to understand our daily life (Kakulapati, 2021). Non-fungible token (NFT) is an extension of digital token transactions that emerged in 2021. It has also inherited a much more advanced set of data and provides an alternative for information and data communication. As NFT differs from fungible tokens, it is the presentation of the digital and unique transactions of tokens. Based on the blockchain system, NFT is intrinsically the demonstration of decentralised system applied in the transaction of digital work. Each property can be traded freely with the customized value that is set by the NFT creator (Wang et al., 2021). As the value is being set and generated through the smart contract, here the smart contract refers to the adapted contracts that are run by programs that are originally set by individuals, this means that every NFT transaction has complete freedom of setting its own contract conditions, with external interference. NFT transaction is also a transparent process (Wang et al., 2021). While the NFT transaction has been finished, there is a smart contract that has been generated through machines automatically and it is not reversible or editable. The whole transaction process and related information are all documented fully by the machine. Due to the existing transparent framework and the decentralised system, the open data on NFT transactions and predictions are mushrooming ever since 2021.