What is NFT?

Some time ago, Indian actor Amitabh Bachchan made a picture of himself in NFT and sold it for millions of dollars. Twitter’s first tweet also sold for millions of dollars via NFT. NFT means non-fungible token. There are two words here, ‘fungible’ and ‘non-fungible’. The general meaning of the word fungible is ‘replaceable’. Let’s understand through some examples.

WHAT IS FUNGIBLE ?

Suppose your dad gave you a one million dollar bag. And you gave two half-million-dollar bags instead. This means that the value of one bag given by your father is equal to the value of two bags given by you. Since it is possible to replace your bag with your father’s bag, the value of both is equal. So your dad’s bag is fungible. Another example is supposed you have an iPhone Thirteen. And your sister has the same phone iPhone Thirteen. The price of both is equal. And the color and age of the two are all the same. So you can replace your phone with your sister’s phone. So your phone is fungible.

WHAT IS NON-FUNGIBLE ?

Similarly, if something is to be non-fungible. It has to be very unique. And that cannot be replaced by anything. For example, the Mona Lisa painting by Leonardo da Vinci is one of the most unique in the world. So this is non-fungible.

WHAT IS NFT AND HOW DOES IT WORK?

Now the main question is what is NFT? NFT is a digital medium that continues to influence the world. If you want to give money to someone in exchange for something or suppose you send money to someone. then from where will you take help? The answer that is common all over the world will be through banks or any UPI. But in the current digital age and modernity. The NFT will not allow you to take the help of third parties. Well, you can make money transactions in any part of the world without any third party. A token is a thing that proves you own it. That is, it is a certificate of ownership. Suppose you bought a mobile phone from a store. And the shopkeeper gives you a bill. But if you buy something from this digital world, you are given a token digitally. And as long as you have that token. Until then, you are considered the owner of what you have bought. that is called NFT. But this works by blockchain. This is like crypto. So with the help of this, you can buy or sell any digital art or something very unique.

Now the question is what is the impact of NFT on digital art?

There is no shortage of talent in the whole world. Every world. A human being has his talents. It can be in the case of digital art or the case of any kind of music or writer. So you can spread your talent all over the world. And the best medium for this is the non-fungible token. You can create some advanced digital images with your talent. And you can make a lot of money by selling it through NFT. Because in the future it is going to have a serious impact on the modern world.

WHAT IS THE FUTURE OF NFT?

In the digital age and this modern and advanced world, especially in the field of investment, a new name has been emerging for some time. Almost everyone is talking about it. Its future is going to be very important for a big investment. Even in the eyes of every investor. There is no doubt that this is going to affect people’s lives in the future. Every investor’s eye is on the future. Yes, I’m talking about NFT. The digital world since about 2021 has caused a huge amount of industrial revolution. Non-fungible tokens are currently keeping customers away from third-party help and establishing direct connections between sellers and customers. It is providing secondary royalty to each of the digital artists in their work. Moving from Web 2.0 to Web 3.0 is the world’s online web. As in business, every trader tries to keep good items in their shop and there is a competition as to who sells more items or who earns more. But the current competition is not just in the business world, from big celebrities to the owners of every big company, who are going to have the expensive NFT. So looking at it from one side, it is clear where the future of NFT is heading.

History can be observed in almost every country in the world. That is, each country has different types of ancient and unique things. Many countries around the world have not yet fully recognized the NFT to prevent future crises, that is, to ensure that their country’s finances are not scattered elsewhere So its full identity is still considered unknown in some countries. But hopefully, the NFT is going to get stronger through the blockchain. It is thought that if the impact of the blockchain is felt across the country, the non-fungible taken will become more active. Occasionally there is a sale of stolen or copied products or digital art. It is believed that all these illegal activities could be completely eradicated by NFT. And the most important future of this is going to be bright especially because of its ownership.

• Let’s think of its future shots in a nutshell. So that we can easily remember it and apply it in our own lives.

• It is going to cause a huge revolution after it is spread all over the world.

• It connects the seller and the customer directly without the help of any third party.

• It gives the customer or buyer proper ownership of his or her own thing.

what is NFT in blockchain ?

Blockchain is a universal ledger book that is not controlled by a single entity, Rather the records are distributed among all who are connected to the network as a contributor, and every record or transaction is kept in the form of a token, and when you upload any Digital assets like digital arts, music files, videos into the blockchain it generates a Unique identity, is called NFT.

Why do all NFT use cryptocurrencies ?

All NFTs are trading through cryptocurrencies ( like Ethereum, polygon, and BNB) with their smart contract in Blockchain Technology where normal currencies like dollar, and rupees are not able to write a smart contract, hence NFT only deals with cryptocurrencies.

Conclusion 

With the increasing use of blockchain, its place in the world of investment may prove to be the first. Although it is not possible to predict anything scientifically in advance. but with some evidence, it is possible to predict the future of something. So in this case and judging by the appropriate reasons, it is seen that its future may touch the light of the moon.

Now the NFT is it’s early stage, there are more to come in future , We will keep you update everything around the topic step by step, so don’t forget to Subscribe, see you in the next blog.

Regards

Ajad juneja & Debasish saha )