Recently, REVA obtained an angel round financing of US $5 million led by Viking Capital. REVA said that the current round of financing funds will be mainly used to expand the technical team, further improve development efficiency, promote the development of NFT platform and better serve NFT ecological groups. It is reported that REVA is a professional blockchain technology research and development enterprise, focusing on the research and development and discussion of emerging technologies in the industry.
 
Birth of NFT



The concept of NFT was formally put forward by Dieter Shirley, founder and CTO of Cryptokitties in 2017. That year, as BTC rose from $5000 to $20000 in just two months, an encrypted cat game quickly became popular in this huge encrypted bull market.

In the summer of 2017, ERC20 token standard was particularly popular. After the introduction of encrypted cat, many users asked how Dieter encrypted cat and ERC20 interact. In fact, encrypted cat and ERC20 cannot be compatible, because encrypted cat is based on another token standard ERC721, which is Non-Fungible Token , while CFN is Fungible Token .



Dieter came up with a fixed and simple answer to the difference between encryption cat and ERC20. Then Dieter put forward the concept of NFT, that is, the concept of Non-Fungible Token.

With the popularity of encryption cat, the concept of NFT has quickly entered the public view. Therefore, digital assets no longer only refer to cryptocurrency, but are represented by fungible cryptocurrency and non-fungible NFT. REVA has been deeply engaged in the blockchain technology research and development industry since 19 years. With the new concept of NFT, REVA has gradually entered the vision of capital. REVA's own technical strength and high-level talents have an excellent reputation in the industry, This Viking capital investment is a great focus on this point.

Development Prospect of NFT
According to Reuters, NFT sales in the first half of 2020 were $13.7 million, which has soared to $2.5 billion this year.

OpenSea, the world's largest NFT trading platform, had sales of $150 million in June alone.

In March this year, at Christie's auction, a work of art by encryption artist Beeple sold at a extortionate price of $69.3 million, with 22 million viewers. A digital art in March this year was sold at a price of $69.3 million after Christie's auction, with 22 million viewers at that time. Subsequently, the artist's ten second NFT video was sold for $6.6 million.

These NFT artworks account for only a quarter of NFT sales this year. From collections to clothing to transaction cards, NFT can present countless kinds of content.

 

According to a recent report by PwC, by 2030, blockchain technology is likely to add $1.76 trillion to the global economy, and NFT is likely to occupy an increasing share.

Future Prospects of NFT
Due to the limitation of industry infrastructure, large files cannot be stored on the target chain, which limits the development of NFT. At present, NFT is mostly used in art collection and trading and entertainment and cultural products, which greatly enriches the category and quantity of NFT. More and more users pay more attention to auditory and visual effects. In the future, with the development of the industry and technical iteration, John, the founder of REVA, said that REVA is trying to break through the current technical barriers, We are also looking forward to the launch of NFT HD and NFT now.

With the continuous development of NFT and human property rights, people pay more and more attention to digital property rights. Its unique feature is sought after by the younger generation. In the future, new users of NFT will tend to be younger. As an emerging thing, NFT will have chemical reactions with more copyright related industries in the future, bursting out different sparks. In addition, there is more space for development, waiting for more practitioners to explore.