Impact of Non-Fungible Tokens in Digital Assets

Abstract

NFT are the Non-Fungible Tokens which are used in blockchain and also act as one of the upcoming economic environment where digital assets can be acquired as well as sold. They are similar to the digital tokens such as bitcoins but bitcoins are fungible tokens in simple terms, they are interchangeable, to be more precise bitcoins when sold would have the same value in return, whereas NFT’s are not. NFT’s are unique thus making them non-fungible. NFT’s are those tokens which represents a digital asset such as images, videos, a unique avatar in video-games or a personal ID created in digital world where it is identified as a unique item or an object of possession and cannot be duplicated. This research paper would show how the NFT would change the digital economy in various field of internet, as internet is the hub for all the digital transactions or acquiring digital possessions. Methodology: This research was done on Microsoft academic search, virtual LRC, Wikipedia, Google scholar and various other websites where statistical opinions are undertaken regarding NFT’s and how they can be introduced. In the physical world as well as their impact on digital Business as well as economy with safety in mind. Findings: NFT’s give every business market a chance of marketing and managing their digital or physical assets into a digital environment where trades and exchange happens thus creating an economic environment with authentic identity evaluation as well as uniqueness in every assets that has been created or imported into this environment. It can also be seen that decentralized financing is also taking momentum in the field of NFT. Wherein real assets such as machine, or other various form of art is being regulated as a digital asset into the digital market.