Paper Key : IRJ************259
Author: Sanjeet Dwivedi,Priyanshu Verma,Jivan Raundal,Bauddhik Srivastava,Prof. R. H. Borhade
Date Published: 07 Jun 2023
Abstract
From a technical perspective point of view, NFTs are non-interchangeable units of data stored on blockchain, making them resistant to tampering, destruction, or replication. NFTs can be verified by blockchain technology, giving them extrinsic value as well. Non-Fungible Token (NFT) is a unique form of digital asset on Blockchain. These digital assets are not interchangeable, unlike other types of crypto currency. It provides ownership authentication. Each NFT is a unique asset and can't be recreated or replaced. The following are examples of NFT types: image, file, cartoon, virtual real estate, pet, video, trading card. A unique business space for artists and creators to showcase their creations or collections- which offers newcomers to involve with the digital business field. In response, a revolution is opening up new opportunities for artists to produce and profit from their work, while also providing collectors with complete transparency regarding the authenticity and origin of their purchases. Digital art, collectibles, creative extensions of music, a synthesis of all three, or completely original and unheard-of compositions are all examples of NFT assets. By modifying NFTs in fresh and creative ways, creators continue to push the limits of innovation. NFTs are importantbecause they open a whole new world of possibilities for digital ownership and transactions. With NFTs, users can own digital assets that are truly unique and have real value. This includes everything from digital arts and collectibles to in-game items and virtual land
DOI LINK : 10.56726/IRJMETS41333 https://www.doi.org/10.56726/IRJMETS41333