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Title |
A Brief Survey of the Uses of Non-Fungible Tokens |
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Author |
Zain Patras and Sidra Minhas |
| Citation |
Vol. 24 No. 7 pp. 59-62 |
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Abstract |
Non-fungible tokens (NFTs) are interchangeable rights to digital assets such as art, in-game items, collectibles or music, etc. NFTs have the potential to be infinitely useful in many industries by increasing security and processing costs for transactions and providing a new platform for the gigeconomy to work through. Its markets have grown fast and significantly since early 2021. We investigate the uses of NFTs and research the facts and figures on the usage of NFTs supporting websites. Using daily data between 2019 to 2021. NFTs took the world by storm in 2021, bringing forth a digital art revolution while becoming one of the fastest-growing asset classes of the year. While the NFTs market has been growing at a rapid pace, many are still wary of entering it because of the theoretical insanity around its worth. NFTs have been out there for quite some time and this trend does not plan to go any further. NFTs services have many practical use cases and their potential will only grow over time. While celebrities dive into this marketplace to maintain their onlinepresence andincrease their Net worth. |
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Keywords |
Non-Fungible Tokens, Blockchain, Smart Contract, Web of 3.0, Open Sea Marketplace. |
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