NFT MARKETPLACE
Sahil Jagtap, Prof. Megharaj Patil, Tanish Kale, Kiran Kale
1Sahil Jagtap Department of Information Technology, G.S. Moze College of Engineering
2Prof. Megharaj Patil Department of Information Technology, G.S. Moze College of Engineering
3Tanish Kale Department of Information Technology, G.S. Moze College of Engineering
4Kiran Kale Department of Information Technology, G.S. Moze College of Engineering 5
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Abstract – This NFT, abbreviated for “non-fungible tokens”, are digital assets that are representative of physical or digital creative work or intellectual property including music, digital art, games, gifs, video clips and more. “Nonfungible” in NFT means that each token is not exchangeable with another token, making each token a unique entity that represents a single specific object. These tokens consist of digital information in the form of media (music, video, image) the value of which can be calculated in terms of cryptocurrencies.
The NFTs are part of the Ethereum blockchain in particular but differ from Ethereum coins which are fungible, that is, exchangeable with similar types of assets. Rapid technological advancements and its growth are accompanied by increased security risks including those of authenticity. The uniqueness and nonfungibility of NFTs minimizes, if not completely eradicates, the problem of authenticity and counterfeits to a large extent by means of a digital signature of the owner incorporated in each token such that an asset is easily traceable to its owner. Furthermore, it also addresses the problem of the customers being deceived into buying counterfeit items e.g., tickets or artwork. Buyers can easily trace the items on sale to owners, thereby ensuring a legitimate purchase. Moreover, the introduction of NFTs is opening new avenues for artistic businesses that previously found it challenging to establish online markets in an era of internet-based businesses due to the lack of exclusive ownership .
Key Words: Blockchain; NFT; Ethereum;
