NFT: The new level of currency, Secured and easy to use!

by March 30, 2022 0 comments

NFT is a Blockchain-based unique digital asset traded in digital cash i.e. Cryptocurrency. These are useful for online trading with highly secure blockchain technology encryption. Therefore, no one can alter any data within NFTs.

What is the future for blockchain technology with NFT’s in India?

Cryptocurrencies are gaining more popularity day by day and gave rise to several debates over their regulation across the world. It has had a great effect on the global economy and people started forecasting it as a new monetary revolution. With the advent of Blockchain, several other platforms also started rising. In the blockchain, NFTs or Non Fungible Tokens are the digital asset produced and traded in digital cash cryptocurrency. Here it uses an encrypted key to make the transaction secure over the internet.

It is known that blockchain is a secure public ledger maintained over thousands of computers across the globe. All these systems work together and share data over the internet through nodes. Blockchain secures all the transactions and helps in buying and selling NFTs along with their record maintenance.

There is a misconception regarding NFTs is that they are cryptocurrency. But NFTs are digital assets that can be bought using cryptocurrency. One can buy these NFTs on a specific platform that facilitates the option to buy or sell them.

Blockchain technology definitely has a great future ahead as businesses need much security over monetary transactions. Not only this, but it will boost the usage of cryptocurrency that helps many to do virtual payments and exchanges.

Currently, there is no specific regulation or governing law for NFTs in India. But still, they are widely used around the world. Therefore, they follow the general principles of the contract or framework. However, there is a belief among the stakeholders of NFT that Digital Currency Bill 2021 will have a positive impact on NFTs based on their popularity. The only we can do is wait and watch till the government moves ahead of the ban on cryptocurrency and brings any strong regulation. If so, then Blockchain technology also can see more fruitful results in the future.

How does NFT’s work?

NFTs or Non-Fungible Tokens are digital assets stored on Blockchain and are useful to represent real-time items such as arts, real estate, and many more. These

NFT tokens are cryptographically encrypted to protect the interest of the investors by tokenizing the digital assets.

NFTs are useful in storing unique digital assets that are non-transferable and also have a single owner at a time. They run with the support of Ethereum Blockchain technology that doesn’t allow anyone to manipulate. Moreover, these are verified through online authentication and are based on decentralized finance.

Further, NFTs trading is similar to cryptocurrencies through NFT platforms such as OpenSea. There is no physical value exchange for any trade through NFTs but a certificate of ownership is transferred. This is registered on the blockchain platform and supports digital verification. It needs to keep the certificate digitally safe for further use. Moreover, they are useful for different purposes like buying movie or event tickets, gaming, fashion, etc.

Hence, it is derived that NFTs are smart digital contracts with certain rules and regulations that are digitally useful.

What are the different forms/types of NFT’s in The digital space?

NFTs are capable of presenting the true values and functionalities of the assets through blockchain. They also help in holding, accessing, and denying the individual rights on the assets specifically. Moreover, NFTs have a great scope to grow innovatively and in diverse areas.

The different types of NFTs that are popularly available in the current date are:-

● Artwork

● Gaming

● Collectibles

● Virtual Assets

● Tickets of any event

● Music

And many more. To date, there are more than 6 million NFT trades completed across the different categories of NFTs. in recent times, CryptoPunks in the form of NFTs traded for millions of dollars between the global people. Further, the number of NFT users may grow gradually with the increasing trend and users.

How will NFT disrupt the education sector?

The growth of NFTs in recent times majorly depends upon their uniqueness and blockchain background. Blockchain stores all the data of NFTs on its distribution network and allows trading through cryptocurrency. Mostly, artists were only the major beneficiaries of NFTs but now it has spread its wings to different sectors.

The application of NFTs in the education sector is much beneficial where paperwork can be replaced with NFT. Academic certificates are important to prove our worth and education excellence and NFT can substitute this due to their uniqueness. All these records will stay digitally secure and it minimizes the chance of fraud or any modification.

Moreover, NFTs are highly useful for securing students’ reports, projects, artworks, etc. in a digital medium. They can share it with their teachers and also use it as reference material for other purposes. Also, they can sell their artwork to a global audience that supports these young artists, content developers, etc.

In this way, they are motivated and encouraged to know more about cryptocurrency, blockchain, and their usage. Moreover, students’ results and examinations details, certifications are a very important part of education. However, we know that many teachers struggle to manage these things well due to overload. NFTs can help in this regard to store these records digitally and secure them with encryption through Blockchain.

Also, students can easily share their accolades with different online mediums which reduces the burden of carrying physical files. So, NFT usage can transform the

EdTech sector in the coming days.

How secure are NFT’s in the digital space?

The digital world is full of innovations and sometimes also prone to cyber threats. Blockchain-backed digital assets NFTs are getting popularity due to their uniqueness and artwork selling. We can see that it helps in making money for the artists who sell their arts exchanging NFTs. These are now very secure mediums to share data for any purpose and many people are using them.

Moreover, they can transform different areas like music, art, gaming, sports, education, etc.

But the only risk associated with NFTs is their regulation. These are highly unregulated like cryptocurrencies and it is still on the discussion to make them legally valid in the countries like India. But soon we can hear about the status from the statutory end about their regulation. Due to many advantages, NFTs may survive for the long term along with cryptocurrency is an expectation.

Author: Harsh Bharwani, CEO and MD of Jetking Infotrain

NFT

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