{"id":115,"date":"2022-04-21T15:12:27","date_gmt":"2022-04-21T15:12:27","guid":{"rendered":"https:\/\/anwesakar.in\/blog\/?p=115"},"modified":"2022-04-22T12:57:07","modified_gmt":"2022-04-22T12:57:07","slug":"non-fungible-token-nft","status":"publish","type":"post","link":"https:\/\/anwesakar.in\/blog\/2022\/04\/21\/non-fungible-token-nft\/","title":{"rendered":"Non fungible token (NFT)"},"content":{"rendered":"

What is it?
\n<\/strong>The term NFT stands for non-fungible token. Non fungible means something that is not interchangeable. Let’s assume, you have a two hundred rupees note and you are exchanging it with somebody for 2, 100 rupees note. Here, as we can see the currencies are fungible\/interchangeable.<\/p>\n

\"\"Non fungible token (NFT) allow you to convert your digital assets (like music, painting, games, videos etc.) to a unique piece by assigning a unique digital signature to your asset. This unique identity<\/a> will contain the information of your ownership and can be traded for real currency\/cryptocurrency or any other assets.<\/p>\n

Let’s give an example here. Arya creates an album of songs and wants to upload it online. However, she fears her work may get tampered\/replicated online. Here, non fungible token (NFT) can be a great help. Arya can buy NFTs for her works as it will secure her ownership and can let her trade music with other assets easily.<\/p>\n

Now let’s come to some real-life applications. Beeple’s digital asset ” Everydays: The first 5000 days” NFT was sold for 69 million dollars. Twitter’s Jack Dorsey’s first tweet’s NFT was sold for nearly 3 million dollars.<\/p>\n

How does the NFT work?
\n<\/strong>NFTs runs on blockchain which is a distributed public ledger that records transactions.<\/p>\n

Applications<\/a>
\n<\/strong>Presenting academic credential (cannot be tampered\/altered)
\nDigital artwork
\nGaming industry
\nTicket sales<\/p>\n

Thank You for stopping by!!<\/strong><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

What is it? The term NFT stands for non-fungible token. Non fungible means something that is not interchangeable. Let’s assume, you have a two hundred rupees note and you are exchanging it with somebody for 2, 100 rupees note. Here, as we can see the currencies are fungible\/interchangeable. Non fungible token (NFT) allow you to … Continue reading “Non fungible token (NFT)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-115","post","type-post","status-publish","format-standard","hentry","category-technology"],"yoast_head":"\nNon fungible token (NFT) - Anwesa Kar\u2019s Blog<\/title>\n<meta name=\"description\" content=\"Non fungible token allow you to convert your digital assets to a unique piece by assigning a unique digital signature to your asset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/anwesakar.in\/blog\/2022\/04\/21\/non-fungible-token-nft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non fungible token (NFT) - 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