Author(s): Priyanka Budania, Gaurav Lodha and Garvita
The non-fungible token (NFT) is a single unit of data recorded on a digital leader that is not exchangeable (blockchain). NFTs can be used as unique articles (analogous to a certificate of authenticity) to represent readily reproduced objects such as pictures, videos, audio, and others, and can utilize blockchain technology to provide verifiable, public evidence of ownership. The original file may be shared and copied like other files and is not limited to the NFT owner. The absence of interchangeability differentiates NFTs from blockchain cryptocurrencies, for instance, bitcoin. The primary goal of this paper is to explain that NFTs are useful in tokenizing digital goods, preventing fraud, and improving secondary market transaction control, to provide widespread awareness about the advantages of Non Fungible Tokens, and to describe the link between NFTs and Cryptocurrencies. The methodological approach of this paper is the literature review and secoundary data is used. In this work, we present some key elements involved in the link between Non-Fungible tokens and blockchain technology.