non-fungible-tokens

In this world of digitalization and information paradox, Humans have grown and touched the sky.

To forge a sense of originality

Digital Transactions were given a Nft pry.

NFTs are non-fungible tokens that are a form of encrypted data that cannot be duplicated. Nfts are unique and one of a kind.

The digital world has taken a huge rise since the 2000s when dotcom and the internet were launched.

Internet and computers became an alternate reality as time passed. Time is a rite of passage and the internet took hold of massive companies.

In today’s world, we cannot imagine our lives without the internet, like bread is to butter, social media and the internet breathes existence to our mortality.

In the year 2011, Satoshi Nakamoto first coined the term Blockchain. According to him, our money should be controlled by us and no one else.

Explaining in simpler terms

Blockchain is a decentralized way of handling money while indulging in transactions online

Let us take an example

You went to a bookstore and purchased a book for 100 Rs.

The transaction was through UPI.

As soon as you scan the barcode, the bank checks for 100 rs to be in your account and then it verifies and completes the payment by transferring the money into the book vendor’s account.

The entire transaction was encrypted by the bank.

Similarly in Blockchain, the transaction is encrypted by the network of computers.

If you purchased a book through blockchain or crypto, the money gets transferred from your digital wallet to their digital wallet. The data though here is encrypted and stored in high-end computers that are impossible to hack.

Non-fungible tokens, the word sounds a bit complex right.

Let’s get to the crux of it.

Fungible in economics means replaceable or something than is exchanged by other monetary values.

For example

A dollar of 100 rs is fungible as it can be exchanged with smaller denominations of money.

When the term non-fungible is used it means anything than cannot be exchanged by any other monetary value.

Tokens are used as the monetary denominations used in blockchain such as bitcoin, cryptocurrency, etc.

Nfts are the future of tomorrow, here’s why.

  1. Nft’s provides a unique identity for your work, they encrypt your digital work and protect it from being pirated or copied.
  2. They provide you a digital certificate and a digital signature which gives it a digital identity and you can set a unique price for the same.
  3. The transactions that take place while buying and selling Nfts are well encrypted and have no trace of being hacked.

Let us take an example

The iconic Sholay poster is one of a kind, but since the poster is on the internet, it can be duplicated, copied, and pirated.

But for instance, the makers of the movie issue a Nft for Sholay.

The original rights of the poster remain with the owner, and they can fix a price for the poster.

In this way, there can be multiple owners for the poster but no one replicates it once it is bound by a non- fungible token

Smart contracts are one of the great examples of blockchain. They honestly are programs saved on a blockchain that run whilst predetermined conditions are met. They commonly are used to automate the execution of an agreement so that all individuals can be without delay certain of the outcome, with no intermediary’s involvement or time loss.

Examples of Smart contracts are most evident in real estate and trading.

Nfts are surely a nifty way to change the future. _Hridya

Author bio

Belief is the elixir of dreams, is it not? Dreams define the very existence of a man’s being. I am Hridya Sharma, in three simple words, I would like to describe myself as a dreamer, achiever, and believer. I believe in the power to achieve your aims lies within you. Experience – Writing has always been my passion. In my 1.5 years of content writing, I have written blogs, articles, stories, poems, social media captions, pr messages, and emailers. The search for creative endeavors has never stopped and it has only made me realize that in the game of writing, no matter how many milestones you achieve or stories you write, it gives the feeling of writing as much as you can. Honestly being an author, storyteller and public speaking enthusiast, all the pieces of content I create are the stories that I want to tell, the lessons I want people to learn, and tales that I want people to get inspired by.

By Anurag Rathod

Anurag Rathod, as a blogger he used to spread all about app-based business, startup solution, on-demand business tips and ideas and so on.