non fungible tokens (Internet Services - Website Promotion)

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non fungible tokens


As we know that there is a boom of cryptocurrencies and non-fungible tokens (NFT) are the new multi-million-dollar headline concept in 2021. NFT are the transactions recorded on the blockchain as they are also the web version of the physical ledger. As NFT’s are recorded in blockchain so these transactions are permanent, and they are verified many times so they cannot be changed or edited. These tokens are in the form of memes, media, articles, arts. An NFT is essentially a certificate of authenticity or a digital autograph that can be attached to digital property. NFT’s are usually paid in cryptocurrencies so they are the certificates that are being given to the people who buy these tokens, and they are not there for doing copyright as these are just a part of a video, gif, meme so people cannot take copyright till the time it is not specified on the certificate. These multi-million tokens are attracting social media towards them few of the gifs were sold for more than 500,000$ dollars and it has created a record that work was sold for 69 million dollars that were named as beeple and it was bought by 2 Indian-origin crypto enthusiasts. It has become a very important part of these artists as this is a platform where they can sell their arts, music, meme. These NFT’s have a huge market where these tokens can be resold or given royalties to the owners of these tokens. But there is a bad hope for these NFT as this connected crypto market which is fully an unregulated market. These NFT’s are mainly traded in Ethereum.

Physical NFT are the NFTs which are linked toward the physical work of are they can purchased or resold like other NFT but they are delivered in the physical form of work. These NFTs include the custom program chip in which they encode a unique code to authenticate the item. To authenticate the art work they use unique identifier for individual physical work. All these authentication websites have the uniqueness and the authentication of these tokens as they all have a different code which can not be changed by any person and it can be done again on any other token.

Advantages of these NFTs are as follows
1. Limited - as they are really limited and even the values of these NFT’s come from their scarcity only. NFT’s developers can make a huge number of these non-fungible tokens that can be traded in market, and they can make few changes to make them more scare and of more value
2. Unique- they are unique in a form as they have a strong information tab that explains the uniqueness of these tokens as more unique, they are more value they have. The information stored in these tokens is safe and accurate to make the uniqueness. Of these tokens there with them.
3. Easily transferable – these NFTs are purchased and sold on the unique marketplaces where they can be easily transferred to any person. The use of these NFT’s is based on their uniqueness
4. Trustworthy – as these non-fungible tokens are a part of cryptocurrency and these tokens are uses in blockchain technologies and they go through many verifications, so they are more trust worthy and these are impossible to be hacked or changed
5. Indivisible – most of these NFT’s are indivisible into smaller units. And if you pay the full price of these items then you have the access to use them

Disadvantages of these non-fungible tokens –
1. Unregulated - as these non-fungible tokens are a part of crypto market and this is a fully unregulated market so the risk in these tokens also increase with the issues in the crypto market
2. Risk – these tokens are traded for ethereum mainly so the price of these crypto may increase or decrease which is also a risk for all of them.
3. Non divisible – these NFT’s are non divisible like bitcoin or other crypto. Although these traits are are also desired by these collectors

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Target State: New York
Target City : All Cities
Last Update : Jul 19, 2021 2:47 AM
Number of Views: 39
Item  Owner  : mobiloitte
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2021-12-07 (0.426 sec)