NFTs are also referred to as non-fungible tokens and are at the peak of their existence. These NFTs are basically products of the blockchain which can be anything ranging from an audio file to a doc. The objective of these NFTs is basically to ensure that a digital asset is completely exclusive and has no similarity whatsoever. Which in turn makes it more desirable and rare for collectors.
Their application
NFTs can be used in several different ways and the most popular of them being digital art. These NFTs basically act as secure digital assets that cannot be stolen or duplicated. With how prominent these NFTs are becoming there are so many more NFT marketplaces in India now. These NFTs can also be used in a different domain as well, for example, they can be used as tickets to avoid forgery and faking of tickets in several different scenarios and there are way more applications than that.
Conclusion
With the metaverse becoming a massive deal and the introduction of Web3, NFTs have gone up in value and popularity, this comes as no surprise given that Web 3 and the metaverse are both powered by the blockchain, it only makes sense that these NFTs become a crucial element of our life and while this is just the start there is more that is yet to come.
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