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If you haven’t heard about NFTs still now then you will. NFT is a mind-blowing and revolutionary technology that is powered by blockchain technology. In today’s world, the NFT community is growing very fast than ever before and everyone is going with this hype.
So, what this NFT actually is, and how it is changing the world?
Let’s find the answer.
NFT is one of the most powerful and impactful concepts in blockchain technology that stands for Non-Fungible Token, which is a database record on the blockchain that refers to a unique specific digital asset or a file that generates a unique signature. NFTs are unique and non-replaceable items, like bitcoin, Ethereum, etc.
NFTs are decentralized digital asset that has the potential to change the world of the web. Most of the NFT tokens are built on the Ethereum blockchain. NFTs are tokens that may grant access to exclusive content, future products, events, prizes, and so on.
There are several characteristics of NFTs that makes them unique and popular;
NFTs are unique and this is the reason it holds value. It is common sense that, if the number of things is limited it will have a high value. Similarly, NFTs are also rare and this is because it’s another reason for being high value of NFTs.
NFTs are impossible to break into smaller units and cannot transfer even a tiny segment of NFTs to anyone. Blockchain makes this easier by allowing us to trace the original owner/proof of origin of the NFT.
NFTs are securely stored on the blockchain and are well-organized. They are highly secure because of this. An NFT’s data cannot be altered, modified, or replicated.
NFT data cannot be traded or used in any way. They are unique. You cannot exchange a plane ticket. Each one is unique and includes your name, seat number, and other information that no one else has.
Although NFTs were established in 2014, they are now gaining popularity as a popular method to sell and buy digital artwork. Since November 2017, $174 million has been invested in Non-Fungible Tokens.
NFTs are essentially creating digital scarcity. This contrasts starkly with the vast majority of digital creations which almost always have an infinite supply. The theory is that reducing supply will increase the asset’s value, provided it is in high demand.