NFT( Non-Fungible Token)

            

In a few years technology has been wrapping up quickly. Blockchain is the one of the areas that has been enjoyed most rapidly. 

 But that does not mean only cryptocurrency like Bitcoins, Ethereum and other crypto currencies being 

That doesn’t mean solely cryptocurrencies like Bitcoin, Ethereum, and the slew of other cryptos being traded in the crypto market.

One of the blockchain, Non-Fungible Tokens, has been in the market for a couple of years and has recently become a hot topic. 

What are they, and how do they work?

 

A non-Fungible Token is a non-interchangeable unit of data that is stored on a blockchain, Its a digital access that can be sold and bought just like other bitcoins ore share. NFT is unique in its Tokenoized concept, which means it provides digital certificate ownership.  

 

Because each token has its own identity, so blockchain provide cryptocurrencies  such as bitcoin. 

Its sound such critical let describe some example to understand easily-

You buy a Monalisa painting, the value of the painting is there is just one original. In the world there are lots of Monalisa paintings but you would like the original painting. 

Same as NFT, it gave everyone ownership of the version of a digital file as the “origin”. That means if other people still have access to whatever NFT  you buy, but hold the original version. 

 

NFTs do not allow sharing or copying of the digital files, you have not necessarily conveyed the copyright of the digital files. 

NFTs have been used as a speculative asset, and they have drawn increasing criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams.