NFTs

Abstract

Digitalization has led to new investments in information including advance administration, storage, and gathering of corporate information. Blockchain technology has enabled this basic change, and it is becoming a feasible way to manage digital assets in various areas. These assets have enormous value and can be traded in a separate market from traditional assets. Non-fungible tokens (NFTs) are a prime example of this progress. NFTs have created a data-based digital asset market and are safely kept on blockchain network. Unlike fungible digital assets, NFTs are irreplaceable. Gaming, health care, real estate, metaverse and finance could benefit from it. NFTs are more than just digital files and can be crucial to digital finance and its integration in BFSI is evolving due to blockchain and cryptocurrency. NFTs have fundamental obstacles that must be solved before they are accepted. Usability, privacy, governance, security, extensibility, environmental effect and intellectual property are some challenges faced by NFTs. This study explores the opportunities and challenges created by NFTs.