It is a digital asset represents proof of authenticity or ownership of a piece of content or unique item
Verification by blockchain
NFT is built on blockchain which gives decentralized ledgers to record transaction history and ownership. It makes sure transparency, immutability, and security
Unique Digital Assets
NFT constitutes a wide range of the digital asset like music, videos, collectibles, artwork and virtual real estate. Each NFT has a unique identifier
Transferability & Ownership
In the NFT Marketplace, NFT can be traded, bought and sold. NFT ownership can give privileges associated or specific rights on digital asset.
Culture and Art
NFT has monetized work, retained ownership rights and reached global audiences. NFT has created digital art galleries, virtual exhibitions, and online communities
Speculation and Liquidity
Liquidity is facilitated by the NFT marketplaces to sell and buy NFT through auctions or direct sales.
their potential value appreciation is speculated overtime
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Royaltiesand Smart Contracts
Royalties can be earned by the creators each time they are resold in the secondary market
Smart contracts within NFT allow program specific conditions and royalties by the creators
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Criticism and Challenges
NFT has been criticized for its impact on the environment
The lack of regulatory oversight in the NFT space Speculative nature of the NFT and potential copyright issues are major concern of NFT