INSUBCONTINENT EXCLUSIVE:
Non-fungible tokens are the new rage in the crypto worldThe phenomenal rise of cryptocurrency has opened up an era of possibilities
And NFTs, or non-fungible tokens, are riding on the crest of this new technology
From art to music and pixelated images to toilet paper, these digital assets are selling like the proverbial hotcakes, some of them for
For example, Bitcoin is not an NFT
But a one-of-a-kind piece of art is non-fungible
NFTs are digital assets that represent real-world objects like music, art, digital avatars or images, videos, or any other collectible items
They are backed by blockchain technology
The NFTs are sold online, frequently for crypto coins, and are encoded
They have been around since 2014 but have gained popularity only now
Recently, a set of 101 Bored Ape Yacht Club NFT was sold for $24.4 million (roughly Rs
179 crore) at Sotheby's auction house.If all that an NFT signifies is a digital asset, meaning intangible, why are people spending
millions on it? They spend so much because an NFT allows the buyer to own the original item
Also, it contains a built-in authentication, which is the proof of ownership for the buyer
as cryptocurrency, like Bitcoin or Ethereum, the similarity ends there
Cryptocurrencies can be traded for one another and are equal in value, that is one rupee will always be worth another rupee and one Bitcoin
will always be worth another Bitcoin, irrespective of their price fluctuations with respect to other similar currencies.NFTs are different
Each NFT (virtual asset) has a digital signature, via encoding, which makes it impossible to be exactly replicated.
