Impact of Non-Fungible Token (NFT) on World

Abstract

Non-Fungible Tokens (NFT's) display digital authentication certificate in blockchain technology similar to other crypto virtual assets and funds. The popularity of blockchain technology and interaction with crypto assets has seen repeated growth in recent years. Having said that, the NFT market as well mushrooms as proved in recent years. The very concept of NFT is derived from a Ethereum token standard, aims to separate and separate each token from it a unique signature tied with digital formats. I return its impression immediately global market growth has attracted a lot of attention, with India also witnessing growing interest in the digital sector, especially for emerging investors and digital creators. However, the development of the NFT ecosystem is in the early stages saw the absence of a regulatory framework for governing such digital pre-maturity digital Cryptographic assets in India. There are many legal issues around them which also leads to a lack of clarity regarding its legitimacy and sanctity. The upcoming artists may be inclined to get lost in this hectic pace with a lack of order abbreviations. This paper aims to explore the concept of NFT in contrast to cryptocurrency and copyright and its operational and technical components. It aims to review the law pitfalls that affect its performance and the opportunities and challenges it faces Indian legal framework in terms of stationery.