The US$69 million waged for Beeple’s Everyday: The First 5000 Days previously this month has made non-fungible tokens (NFTs) one of the most communicated and controversial areas of the blockchain industry. Artists and cryptocurrency experts are still dealing with what this means for the art market. 

Physical artworks have factually held cost in part due to their scarcity, somewhat digital artists have fought back to attribute to their work an average that can be derivative and shared with the hit off of a button. NFTs agree that scarcity can be applied to digital assets as well. 

Fungible mentions anything which is interchangeable with another version of itself; for example, any dollar is alike and interchangeable with any other dollar. Non-fungible tokens are exclusive. By encoding digital assets such as creations to an NFT, it is possible to regulate a unique copy of that artwork for the drives of ownership and authenticity. 

It unlocks up a new frontier and knocks down one more wall in the use case of Blockchain technology in what we contemplate the real world, says Caroline Bowler, CEO of Australian cryptocurrency exchange BTC Markets. Earlier there was an absence of that proof of ownership, and NFTs generate a format in which artists and others can show that this is their work and that they possess it. 

Some of the presently most prevalent NFTs on the market are Dapper Labs’ NBA Top Shots, where NFTs act as digital trading cards for small clips of exciting basketball gameplay. Sporting collectibles have always had a huge market, but the eagerness around Top Shot, supported by the underlying technology, have helped appeal prices ranging in the hundreds of thousands, together with a “LeBron James ‘Cosmic’ Dunk” that sold for US$208,000 previously this year.? 

Source - https://forkast.news/india-cryptocurrency-disclosure-mandate/