We are living in a completely different world, one that has been ravaged by the pandemic for more than two years, a world that is technologically more advanced, a world where technology has played a huge part in our lives and we are inclined to use technology for various purposes. The start-up ecosystem has bloomed extremely well during the pandemic. There is a new phenomenon in the market that has made quite an impact in the short period it has existed. Non-fungible tokens or popularly known as NFTs are the talk of the town. NFTs are digital assets being stored on a blockchain. A digital asset means it can be anything ranging from an image to a video or an animation or a single-pixel or even a tweet for that matter. Since the item is non-fungible it means that it is one-of-a-kind. There is only one Mona Lisa. One cannot trade the portrait of the Mona Lisa and get back the same portrait. What he/she will receive will be completely different from the item he/she traded. The same principle is applied to NFTs. The NFT in context is one of its kinds like the first tweet of Twitter or the video by Beeple. The person purchasing the NFT has ownership of the asset. The ownership is marked on a digital ledger called Blockchain. The Blockchain network that is backing the NFT marketplace records the transaction and since it is a public platform, it provides transparency of the sale.
“Digital ownership has brought with it tokenization, enabling brands and creators to offer exclusive & curated services to their communities, which in turn has led to an exponential growth in engagement & monetization,” says Praphul Chandra, CEO, and Founder, KoineArth.
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