An NFT is a digital asset, which represents real objects like music, art, videos, game items etc. It is easily bought and sold online in Cryptocurrency.. NFTs encoded with similar crypto software. It exists on blockchain technology, which is a distributed public ledger that records various transactions.
Non-Fungible Tokens are the evolution and simple concept of cryptocurrency.. Starting from real estate to lending contracts to artwork , all types sophisticated trading and loan systems for different asset types , currently available in our modern financial systems.
Of course the digital representation of physical assets is not the use of unique identification. However they become potential for a change as these concepts are combined with benefits of tamper resistance blockchain of smart contracts.
Non-Fungible tokens are also beneficial for different management. Consider a physical passport is essentially needed to be produced at entry and exit point. Once it converts individual passports into NFTs, with an unique identification number, will make it easy at entry and exit. process for jurisdiction.
NFTs are totally different and unchangeable. Each has a digital signature. That’s why it is impossible to exchange for or equal to one another. Hence NFTs are non fungible. NFT exists on a blockchain. And blockchain is a distributed ledger which records all transactions. Mostly NFTs held on the Ethereum blockchain. including many other blockchain as well. NFTs are created from digital objects that represents many tangible and intangible assets, such as music, art, designer sneakers, collectibles etc. NFTs have exclusive ownership right, one owner at a time. NFTs unique data makes it differentiated from one ownership from another easily.. For example an artist can put signature on his art in NFT’s Metadata.
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Thank You,
Jyoti Prakash Nayak, B.Sc MBA BA CFP
CERTIFIED FIANANCIAL PLANNER & FINANCIAL WRITER
E: moneygrains.invest@gmail.com / WhatsApp : +91 8792238909
