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NFT- The Dawn of Digital-Art Revolution By Mukund Khemka (St. Xavier's College, Kolkata) The world was only comprehending the cryptocurrency universe when a new cryptographic asset class piqued everyone’s curiosity. This class is known as Non-fungible Tokens (NFTs) which is recognized to open gates for validating and gratifying the world of digital art. NFTs seek to provide artists with a decentralized platform where they can create and generate their ownership of any art and further sell or buy them respectively across the community. This concept uses cryptocurrency as a mode of transaction with a blockchain working at its core. This is undeniably an inception of a revolution in the world of art and creativity and only time will notify it to be either the most significant thing to happen in “modern technology” or will it be the inception of an impending nosedive. Keywords: Cryptocurrency, Non-fungible Tokens, blockchain, technology, digital art. A startling upswing in the value of Bitcoin has brought cryptocurrency and an unprecedented revolutionary world of crypto-economy in cynosure but the entire globe has gone berserk in the recent past over a concept that seems to be hotter than a volcanic eruption. This new class of cryptocurrency is notably known as NFTs or Non-fungible Tokens. The world was only getting to discern what cryptocurrency is all about? How is it different from the traditional forms of currency we use in our modus operandi? How is this currency traded? What is its future and the interrogations were infinite but the introduction of NFTs has left us all into a pool of unanswered questions. This article aims to bring forward the world of NFTs to the uninitiated and elucidate what it is all about that makes Gary Vaynerchuk remark NFTs as a “revolution” that will go down in history to mark one of the most remarkable things to happen in “modern technology and culture” at large. Decoding Blockchain To decipher the mechanism behind NFTs, we need to have an idea about blockchain. In the simplest sense, a blockchain is a generalized digital ledger of transactions where each block contains a plethora of entries, and every time a new transaction occurs on the system, respective
