Sat, 15 Jan 2022 05:53 PM IST
New Delhi | Jagran Technology Desk: NFTs or Non-Fungible Tokens have become the latest talk of the town, rising to a splendid degree of popularity in the world of digital collectables. According to latest research by Cointelegraph, people worldwide have spent $9 billion in Non Fungible Tokens’ (NFTs) sale so far with the total sales likely to hit $17.7 billion by the end of 2022.
What are NFTs?
NFTs or Non Fungible Tokens, also known as Nifties represents real world goods and services such as art, music, in-game items and videos. NFTs are bought and sold online, mostly with cryptocurrency such as Ether. At its root, it’s basically is a one-of-a-kind digital token that is permanently linked to a piece of service and is encrypted with the creator’s/owner’s signature. It validates the piece's ownership and authenticity.
In practice, a non-fungible token is not comparable to another non-fungible token.
This means that each NFT is either unique or have a very limited run, and each has its own unique code.
What is the Universal Selling Point (USP) of NFTs?
Unlike bitcoin and other cryptocurrencies, each token of NFT nature is absolutely unique, making it a preferred choice of digital art certification.
NFTs: The future ahead
Since the NFTs provide unique ownership of digital assets like art, music, among other things, reports have claimed that the NFT train is going full steam ahead.
NFTs can exist for all kinds of videos, music, text, art even tweets. For example you can buy NFTs in the form of video highlights of moments from games. While these highlights can be seen for free, people are buying the status as the owner of a particular NFT, which is unique due to the digital signature. This lucrativeness is exactly what is keeping the NFTs at a bright spot in the digital assets world.