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NFT stands for Non-Fungible Token. Non-fungible tokens, which are gaining steam not only in India but across the globe, have seen significant growth in terms of sales. It is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore, not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. It uses a digital ledger to provide a public certificate of authenticity or proof of ownership, but does not restrict the sharing or copying of the underlying digital files or the re-creation of identical NFTs. The ownership that NFTs confer is not legally binding. The first known NFT, Quantum, was created by Kevin McCoy and Anil Dash in May 2014, consisting of a video clip made by McCoy's wife Jennifer. NFTs have taken the digital space by storm, especially in the post-pandemic world, and several key personalities across the globe have jumped the bandwagon. In India, Amitabh Bachchan, Rajinikanth, Salman Khan, Malayalam actor Rima Kallingal and Sunny Leone are among celebrities who have launched their NFTs. Recently, a 10 year old, Sahdev Dirdo, who gained internet fame after a clip of him singing “Bachpan ka Pyaar” was viral, has entered the NFT making him the youngest in India to make a foray into the digital asset space. NFT has seen some use as a speculative security and a means of money laundering. It has also drawn criticism with respect to the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams. More

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  • The Tech Weekender: Top news from the world of technology this week Aug 06, 2022 12:08 PM IST

    The Tech Weekender: Top news from the world of technology this week

    Pre-order dates for Google's Pixel 7 and Pixel 7 Pro leaked, a quick review of the iQOO 9T, Instagram expands NFT support, Apple may ship the iPhone 14 from India and China, we put the Viewsonic XG2431 through its paces, and Apple to delay the iPadOS 16

  • Millions drained in latest Solana wallet hack  Aug 03, 2022 12:22 PM IST

    Millions drained in latest Solana wallet hack 

    The hack on the Solana ecosystem came a day after Nomad Bridge was hacked and the attacker made off with about $191 million

  • Tiffany launches CryptoPunk pendants for Rs 4 lakh. Here's why it's so expensive Aug 02, 2022 04:21 PM IST

    Tiffany launches CryptoPunk pendants for Rs 4 lakh. Here's why it's so expensive

    These pendants can only be bought by owners of CryptoPunk, one of the earliest examples of a "Non-Fungible Token" on Ethereum.

  • Metaverse | What India needs to learn from the Shanghai plan Jul 26, 2022 04:18 PM IST

    Metaverse | What India needs to learn from the Shanghai plan

    Shanghai plans to explore fashion, retail, entertainment, travel, and all the uses of metaverse to create what will be the future of online commerce. Towards this it aims to allot $1.4 billion

  • Cadbury Gems collaborates with GuardianLink to launch NFTs based on kids' artwork Jul 22, 2022 04:44 PM IST

    Cadbury Gems collaborates with GuardianLink to launch NFTs based on kids' artwork

    The proceeds of the NFT sales will be used for the education of underprivileged children.

  • Top Cryptocurrency Prices on July 22: Bitcoin hovers at Rs 18 lakh, Polkadot biggest gainer Jul 22, 2022 09:39 AM IST

    Top Cryptocurrency Prices on July 22: Bitcoin hovers at Rs 18 lakh, Polkadot biggest gainer

    The total volume in DeFi stood at $6.65 billion, 8.73 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $$68.91 billion, which is 90.47% percent of the total crypto market 24-hour volume.

  • Cryptocurrency Prices Today July 21: Bitcoin, Ethereum fall up to 5%, Cardano top laggard Jul 21, 2022 09:56 AM IST

    Cryptocurrency Prices Today July 21: Bitcoin, Ethereum fall up to 5%, Cardano top laggard

    The price of Bitcoin is currently Rs 18.24 lakh, with a dominance of 42.60 percent. This is an 0.38 percent increase over the day

  • Inside the break-up of India’s largest crypto industry body Jul 19, 2022 12:57 PM IST

    Inside the break-up of India’s largest crypto industry body

    Here’s what’s brewing inside Indian crypto firms after the Blockchain and Crypto Assets Council was dismantled by the Internet and Mobile Association of India, its parent lobby

  • Christie’s rolls out its first venture capital fund as VC makes debut bet on LayerZero Labs Jul 19, 2022 10:22 AM IST

    Christie’s rolls out its first venture capital fund as VC makes debut bet on LayerZero Labs

    The new venture fund will invest in technologies and financial innovations relevant to the art market, Christie’s said

  • Sports Metaverse launches virtual land sale Jul 14, 2022 04:57 PM IST

    Sports Metaverse launches virtual land sale

    Users can trade NFTs, interact with iconic sportspeople, buy virtual land and do virtual visits of stadiums.

  • Top Cryptocurrency News on July 12: Bitcoin trades lower, GameStop's NFT marketplace goes live and more Jul 12, 2022 08:52 AM IST

    Top Cryptocurrency News on July 12: Bitcoin trades lower, GameStop's NFT marketplace goes live and more

    A daily round-up of the most interesting articles on cryptocurrencies like bitcoin, ethereum, and tether to help you jump-start the day

  • Green NFTs: Are we really moving towards a sustainable NFT future? Jul 05, 2022 08:32 AM IST

    Green NFTs: Are we really moving towards a sustainable NFT future?

    Most NFTs require tremendous amounts of computing power for their mining process. Green NFTs, however, are minted in a process that produces a negligible amount of carbon dioxide. This ensures that they are environmentally considerate and may even be climate positive.

  • NFT marketplace OpenSea hit with another data breach Jul 01, 2022 05:24 PM IST

    NFT marketplace OpenSea hit with another data breach

    The NFT marketplace said that an employee of its email vendor, download and shared email addresses associated with OpenSea accounts

  • Web3 startup Fitmint raises $1.6 million led by General Catalyst Jun 29, 2022 01:54 PM IST

    Web3 startup Fitmint raises $1.6 million led by General Catalyst

    Fitmint is a move-to-earn app with in-built NFT gaming and social-fi elements allowing users to earn rewards in crypto or NFTs by walking, running or working out

  • 'Mission To Highlight Indian Culture': Chef Vikas Khanna On Launching India's First 'Phygital' Book Jun 28, 2022 05:27 PM IST

    'Mission To Highlight Indian Culture': Chef Vikas Khanna On Launching India's First 'Phygital' Book

    Michelin star Chef Vikas Khanna speaks to Moneycontrol on the launch of his 38th book, Sacred Foods of India, as an NFT. On the inspiration behind India's first 'phygital' book, Chef Khanna says that the best way to understand India is through the kitchens of its temples, dargahs, gurudwaras and Mother Teresa's kitchens. Readers can own an original NFT of the book along with the physical copy. Watch the video to find out why Chef Khanna's mother cried on seeing the book, how he promised his father he'll publish 50 books and why he believes this is the perfect time for the book's launch!

  • Street artist Alec Monopoly and HyperMint collaborate to release NFTs Jun 28, 2022 02:20 PM IST

    Street artist Alec Monopoly and HyperMint collaborate to release NFTs

    The artist’s Rags to Richie collection provides a street-art, play-to-earn NFT game, a Metaverse club and Digital Art Gallery, in-person exclusive events, and over $1 million in giveaways and prizes as part of its initial plans

  • “I have always been the first one”: Chef Vikas Khanna on the launch of India’s first ‘phygital’ book Jun 26, 2022 09:02 PM IST

    “I have always been the first one”: Chef Vikas Khanna on the launch of India’s first ‘phygital’ book

    'Sacred Foods of India' is the 38th of 50 books that Chef Khanna promised his father he would write, when he was just a child. It has taken Chef Khanna eight years to launch this book.

  • Binance scores Cristiano Ronaldo as partner for NFT push Jun 24, 2022 06:44 AM IST

    Binance scores Cristiano Ronaldo as partner for NFT push

    As part of the multi-year agreement, the Portuguese soccer star and Binance will create a series of NFT collections for sale on the company's platform, the cryptocurrency exchange said, adding that the first collection would be released later this year.

  • eBay acquires NFT marketplace KnownOrigin Jun 23, 2022 10:18 AM IST

    eBay acquires NFT marketplace KnownOrigin

    The move comes a month after eBay announced its debut collection of NFTs in partnership with Tezos and Polygon-based NFT platform OneOf. Manchester-based KnownOrigin has facilitated an NFT trading volume of $7.8 million since its launch in 2018.

  • Blockchain firm MetaJuice to launch NFT marketplace Jun 21, 2022 11:51 AM IST

    Blockchain firm MetaJuice to launch NFT marketplace

    To kick off the marketplace, IMVU is collaborating with metaverse-native luxury fashion house Auroboros to host a design challenge. The challenge is to create a couture digital design using iconic symbols and textures inspired by nature, created by Auroboros. 

  • Bill Gates blasts crypto, NFTs as based on ‘greater-fool’ theory Jun 15, 2022 09:13 AM IST

    Bill Gates blasts crypto, NFTs as based on ‘greater-fool’ theory

    “Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said sarcastically while speaking at an event in Berkeley, California hosted by TechCrunch. He said he’s neither long nor short the asset class.

  • Actor Vishal Malhotra's directorial debut 'Ilm' is touted as India's first NFT-funded film Jun 12, 2022 06:39 PM IST

    Actor Vishal Malhotra's directorial debut 'Ilm' is touted as India's first NFT-funded film

    ‘Ilm’ has been written and directed by Malhotra, and has one song by music director Samarth Swaroop. The background score is by Abhijit Vaghani.

  • Cryptocurrency Prices Today June 12: Bitcoin down 4%, Ethereum slumps 11% Jun 12, 2022 08:43 AM IST

    Cryptocurrency Prices Today June 12: Bitcoin down 4%, Ethereum slumps 11%

    The price of Bitcoin is currently Rs 23 lakh, with a dominance of 47.66 percent. This was a 0.98 percent increase over the day

  • Cryptocurrency Prices Today June 11: Bitcoin down over 2%, Cardano slumps 6.5% Jun 11, 2022 08:28 AM IST

    Cryptocurrency Prices Today June 11: Bitcoin down over 2%, Cardano slumps 6.5%

    Bitcoin's price is currently Rs 24 lakh, with a dominance of 46.65 percent. This was a 0.30 percent increase over the day

  • Mastercard to allow NFT purchases with cards Jun 10, 2022 05:41 PM IST

    Mastercard to allow NFT purchases with cards

    A survey showed that people interested in buying digital tokens want more flexibility — being able to pay with crypto for everyday purchases or using a credit or debit card to buy an NFT.

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