What is NFT? Top 5 Features of NFT
31st August 2021 – BSI
What is NFT? What are the top 5 features of NFT
Non-Fungible Token or NFT is the interchangeable tokens created to tokenize assets, which can easily be converted into digital assets. NFT does not define copyright ownership of an asset. The actual owner or creator is the asset owner. Still, the NFT owner is the valid owner of that particular permitted piece of asset based on the terms and conditions that the asset’s actual owner has given to the NFT owner. The main owner or the creator can sell the NFT of that asset to multiple clients.
Currently, #songs, #digitalarts, #photographs are distributed in traditional ways where the chance of unauthorized usage is extremely high. The implementation use cases are in art, performing art, sports, music, cinema industry, videogame, etc.
TOP 5 FEATURES OF NFT
TOKENISATION OF ASSET: These interchangeable tokens are the smart way of securing a product in the best, most innovative way by tokenizing a product or art asset through blockchain technology. Art creators, the product owners can release NFT for their arts and ensure the rightful ownership of their arts because of the strongest and safest Blockchain Technology.
Art creators can sell NFTs of their arts as many they want, and the buyer of those NFTs will be the valid owner of those arts. To change the ownership, they have to transfer the token to another person who will become the new owner. Thus making one piece of art having only one owner at a time prevents unauthorized usage.
UNIQUE OWNERSHIP: In NFT, there are no identical copies of any product. NFT has the unique hash or identification mark that defines the unique ownership of any product. The information of that product is always saved in the Smart Contract. As blockchain is a tamper-proof, immutable technology none can manipulate or tinker with the information saved in the smart contracts.
UNIQUE DIGITAL SIGNATURE: Essentially signed through the digital signature of the owner backed by Blockchain technology, the bitcoin blockchain is identical, but the NFT blockchain is non-identical.
ABSOLUTE EASY TRACKING: The blockchain hash will allow the buyer to track the full history of the product. The buyer will know who the current owner is and who is the previous owner/owners and how much the previous buyers paid for that product, how long the previous owners owed to that product.
COPYRIGHT OF THE CREATOR: No physical copy of the product. Creator has copyright to create another version of the same product. Each time the buyer buys that will be an original, new, unique version of the product.
In Business Software India, we have been tokenizing assets into Non-fungible tokens for our clients all over the globe. NFT is the best way to secure your assets with the help of tamper-proof Blockchain technology. We have a team of dedicated, experienced blockchain developers, NFT experts with whom you expect to get delivered a trustworthy NFT Solutions to your business.