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
The company rolled out support for creators to share NFTs on Instagram and Facebook last year, when the speculative crypto asset had exploded in popularity, with sales of cartoon apes to video clips touching billions of dollars.
Bank deposits always covert to currency at face value. Or that’s what people believe. So why not put these liabilities on the blockchain?
Despite shrinking in recent times, the market for non-fungible tokens is still active.
WazirX’s exit from the non-fungible token space comes at a time when the VDA sector is grappling with high taxes and regulatory uncertainties
The sale of MetaBirkins NFTs by Mason Rothschild made more than $1.1 million, according to documents produced by Hermes in court.
The January 23 launch was viewed by many as a significant failure for Porsche, with approximately 2,040 of the 7,500 NFTs available having been sold.
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The unveiling of Trump's NFT (non-fungible token) card collection -- timed to cash in during the holiday shopping season -- instead attracted widespread ridicule.
The cards' creators made $4.5 million through the sale. They denied the proceeds will be used for Trump's 2024 campaign.
NFT volumes have declined by 80-85%! Has the NFT froth finally settled? Catch this chat with Ramkumar Subramaniam, CEO GuardianLink about the outlook for NFT 2023- games, art, music and metaverse. Join live!
Chingari co-founder and COO Deepak Salvi said the platform plans to hire 400-500 people worldwide.
Travel tech startups are leveraging blockchain technology to revolutionize incumbent business models and enhance user experiences.
The course is supported by Binance founder and CEO Changpeng Zhao who is also offering scholarships.
The turmoil in the crypto universe may see funds flow out to safer havens such as gold, that also yield similar advantages to its holders
Will cryptocurrencies continue as totally decentralised finance, immune to regulation and government diktat? Where does this leave people who have invested in NFTs?
Bharat Web3 Association comes four months after the original crypto body Blockchain and Crypto Council of India (BACC) was dismantled by its parent entity, the Internet and Mobile Association of India (IAMAI).
Celebrities often crave the notoriety that comes with head-scratching spending sprees, but it’s still fair to ask: Ape caricatures? What on earth are they thinking?
Tendulkar will act as a brand ambassador for the startup and exclusively offer his own digital collectibles on the platform.
Some projects look suspiciously like a desire to buy into hype
The latest in a spate of C-suite departures in the sector comes from nonfungible token marketplace OpenSea, where Brian Roberts has exited from the role of chief financial officer after less than a year in the job.
For the nosediving NFT business, a push from Bollywood celebrities can come as a helping hand. For celebrities, the collaboration can help to keep fans engaged.
When celebrities and finfluencers peddle products, the logical questions that follow are of ethics and competence. The ethical issue can be resolved by fair disclosure and disclaimers. But who can judge competence and how?
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Web3 is expected to be the biggest technology transformation of the Internet over the next decade. The NFTs will be the commerce backbone of Web3