How NFTs are Reinventing the Digital World

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How NFTs are Reinventing the Digital World
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How NFTs are Reinventing the Digital World

• One of the technological evolutions that has
  caught the attention in recent times is
  Non-Fungible Tokens (NFTs). It has been a
  phenomenon, with the values of some of the NFTs
  reaching astronomical heights. It remains to be
  seen whether this will be a bubble like the Tulip
  Mania or the Dot Com bubble, or whether it will
  mature into a viable technological option.
  Whatever the market dynamics in terms of value,
  NFTs do offer use cases that can be of great
  interest to the current days digital world.
• What are NFTs? NFT expands to non-fungible
  tokens. As a definition, we can define NFT as "a
  cryptographic asset on a blockchain with
  identification codes that distinguish them from
  each other." Importantly, they cant be traded or
  exchanged at equal value like cryptocurrency and
  fungible tokens.
• The two key terms to note here are
• Fungibility which is the property of a good or a
  commodity whose individual units are essentially
  interchangeable and each of whose parts is
  indistinguishable from another part and
• Token, which is a digital asset that is supposed
  to carry a value and give a right of ownership to
  the possessor.
• While NFT is a token, i.e., a digital asset, it
  is not fungible in the sense that each NFT is
  distinguishable or unique and hence cannot be
  traded for each other.

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How NFTs are Reinventing the Digital World

• The evolution of NFTs is greatly influenced by
  the evolution of technology itself. There are
  many technology enablers that allowed NFTs to
  come into existence and become popular. A list of
  the most influential technology enablers would be
• Distributed Ledger - The concept of a distributed
  ledger is at the heart of the blockchain
  revolution. A distributed ledger is a
  decentralized repository stored and maintained in
  multiple places.
• Blockchain Technology - A distributed database
  that is shared among the nodes of a computer
  network, unlike the typical database where there
  is a central repository. The evolution of NFTs
  can directly be related to the blockchain
  technology itself.
• Smart contract - a software program that can
  automatically trigger legally tenable actions as
  per the pre-defined business logic.
• Cryptocurrencies - Digital or virtual currencies
  secured by cryptography, which makes them nearly
  impossible to counterfeit or double-spend. NFTs
  are traded through Digital Wallets of crypto
  currencies.
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• Interesting right?
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