The World of NFTs (Non-Fungible Tokens)
Ramakrishnan Raman, Benson Edwin Raj
Abstract
Tokenizing assets through the use of blockchain is the next big thing in digital currency markets. Securing the assets in the world of the internet is challenging as most of them can easily be copied and sold in the secondary market. Protecting the rights of the asset owner is one of the challenging research areas. NFTs (non-fungible tokens) are very useful in representing the ownership of unique items for any assets. NFTs ensure that an asset can have only one official owner at any point in time with the help of Ethereum-based blockchain network. Ethereum NFTs can ensure that no one can modify the ownership rights or copy and paste the digital assets. NFTs are a boon to the artists, musicians, and others who want to create impressive digital assets. The objective of this chapter is to take you to the world of NFTs and to explain how the NFTs are going to impact digital transactions in a bigger way in the future. This chapter covers the introduction, technical aspects, security impacts, use cases, and successful implementations of NFTs in various realms.