Non fungibletoken are certified digital asset in a block chain technology. Nft areindividual token with valuable information stored in them. It represents anyforms of physical or digital asset like art, music, films, and game items likeavatar, properties or even tweets and memes. Non fungible tokens help tovalidate the authenticity of both physical and digital works of anycollectible. It cannot be forged or otherwise manipulated. The ownership of nftis recorded in the block chain and can be transferred by the owner, allowingNFTs to be sold and traded.
Features of nft development
Indivisibility
NFTSare indivisible when it comes to the utility. NFT cannot be split. For eg: whenit comes to art it should be purchased wholly, not a part of art can bepurchased.
Tradability
Nfts are interoperable in nature. NFT can betraded in variety of marketplaces. The token holders can leverage the token fortrading, buying and selling or also stake if needed.
Ownership
Nft lives in a distributed ledger technology. Theoriginal creators of the nft control the private key of that account; they arefree to transfer that nft to any account.
Transparency
NFTS are de centralizedand immutable, everything here will be publicly recorded by then the buyers cantrust and verify the authenticity of a specific nft
Scarcity
Nfts can bescarce that may be the reason for driving up the value. Scarcity and exclusivity have been keyelement nft ecosystem. Developers can enforce the supply and limit of nft
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