The inception of internet explorer has reached a remarkable level whose motive was to provide you with an ecosystem that is digitally developed. One such example of one such unprecedented ecosystem is cryptocurrency. Cryptocurrency is based on the internet. It is a virtual currency that carries coins or tokens. As Indian rupees are used to pay in exchange for goods and other services, similarly cryptocurrency can also be used for the same purpose. Although several versatile cryptocurrencies are still available on digital platforms such as Bitcoin, Ethereum, Blockchain, etc. These currencies were used to sell or purchase items.
Concept of Blockchain
As everybody well aware blockchain is a digital ledger. The owner of the blockchain is permissible to verify and authenticate its transaction ledger. A Digital ledger is very similar to an excel sheet or a Google spreadsheet which records every transaction of sale or purchase. The core function of blockchain is to match with every transaction debited or credited between seller and buyer hence it is considered to be the most secure platform. On every transaction, a new ledger is added to the blockchain. The process goes on till the competition of the blocks. The blocks are further linked next to its block to make the longest chain and further distributed to the main holders. Now the catalogue is publicly available hence anyone can use it because it cannot be manipulated by anyone which makes it safe to use. If someone tries to do it, it will be recognized by others who have the responsibility to hold and cross-check the ledger on every transaction.
Clarification about Non-fungible Tokens
A distinctive digital asset is a fungible token that is not permissible to interchange. It means only one NFT could be available with one NFT using the same characteristic. For instance, if you are giving a 200 note to someone and get one in return that has the same value and feature, is a well-versed example of a fungible token whereas a non-tangible token is made up of uniqueness. It cannot be copied except by the buyer.
Non-fungible tokens are just like a sculpture or a painting which if once sold to anyone and will be non-existent to the seller unless the buyer whether he wants to hold or sold those non-fungible tokens. A key feature of a non-fungible token is to record the transaction information executed between the seller and buyer. However manual interruption is not possible to avoid any discrepancies.
Availability of NFT marketplace for non-fungible tokens
The concept of non-fungible tokens is new to India. However, the industry can see the high demand for nonfungible tokens in India as well as s other celebrations and some such popular artists. Therefore if someone is interested in non-fungible tokens they can follow the popular NFT marketplaces to own these tokens:
WazirX: WazirX is one of the ample crypto trading platforms in India that prefer to buy and sell non-fungible tokens. WRX crypto is a platform available to exchange your currency into WRX cryptocurrency to further invest in NFT.
Variable: variables denote open segments and democratic characteristics which permit the token greater and seller to issue and sell their NFT. Hence you will have to convert INR into RARI tokens before buying non-fungible tokens.
Calls into questions for Non-fungible Tokens
Some challenges have to face related to nonfungible tokens such as:
- The non-fungible tokens industry does not have any regulations like cryptocurrency. Hence this industry has to face high financial risk due to the non-existence of any law to protect NFT buyers or sellers.
- High-demand NFT has to be bought by the investors by spending a lot of money. But demand could not be the same for all time hence the capital of investors can face a huge loss.
- NFT analysis is not available by which we can predict the future price of NFT. This makes them highly postulated for investors’ capital.
As the wave of the non-fungible token industry has grown at tremendous speed. Recently the famous tv actor Amitabh Bachchan sold his NFT for over 7.2 crores. Due to its high demand in the Indian market as well, the financial investors have made up their minds that soon the NFT industry will grow and losses incurred will be controllable soon.