Non Fungible Tokens Non-fungible tokens are the non-exchangeable set of digital assets that can not be exchanged with other assets even if they hold the same value. At a time, NFTs can only be owned by a single owner. We have to transact the whole asset on a single time; we cannot transact them into fractions. They are unique in nature and one of their type. These tokens are specifically created to prevent identity theft of unique digital arts to which fake copies replace.
Use Cases of Non Fungible Tokens It helps in verifying the authenticity and ownership of luxury products.
It is used in tokenizing the ticketing system of concerts and sports.
Allows gamers and game developers to access an exclusive range of ingame features.
The use of non-fungible tokens makes it possible to tokenize licenses, documents, and certificates to authenticate their ownership and genuineness.
NFTs in real estate make the deals transparent by replacing numerous intermediates.
Exclusive Features of NFTs
Uniqueness: As no NFTs are identical, they are totally unique, so they can not be exchanged with other assets.
Indivisible: It is not possible to buy NFTs into a fraction. At a time, only a single user can own NFTs. For example, A movie ticket cannot be used partially or becomes invalid if it is divided.
Ownership: The actual digital art creators have the private keys of the assets that they have complete authority to use or transfer in their desired way.
Transparency: NFTs are stored on a decentralized ledger where all their records are publicly visible to all the network members. The Smart Contract enables a communication medium that allows even strangers to trade without worries.
Indestructible: The data records and ownership details are stored on a decentralized ledger where it is impossible to erase ordelete the records, as DLT is immutable and tamper-proof.
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