A viral meme or video is surprisingly selling for millions of dollars. If someone had already bought it for money, we could still see them over the internet for free and download them for free. What have they bought them?
Let's get to the answer for it now. A one-word answer for it is, NFT, Non-Fungible Token introduced in 2012. You might ask me what is Fungible?
For example, a 2000-rupee Indian note in your hand can be replaced with 4 500 rupees notes. There is no change in the total amount of money. So, it's a fungible note or fungible token.
An exact painting of Monalisa that someone has drawn can never be replaced by the original painting even if both are exact in looks. So, it is a non-fungible token.
This is where NFT pitches in. NFT explained here as Proof of your ownership like bills, register papers, bills are tokens. Here in the context, it's a digital proof or digital token of anything that is digital or non-digital.
NFTS helps to establish proof that shows that you are the official and one and only owner of it in the digital world.
We all know that the originality of the things that we see over the internet is not always true. So, to what is the proof of ownership? Since NFT tokens use blockchain. so, information of each and every transaction or transfer in the ownership can be recorded and tracked at any time by all the members of that blockchain and it's impossible to modify the records of ownership.
NFT token development is most favorable to artists to sell their original artwork, NFT art for sale, game creators to sell in-game assets, musicians, sculptures, who tokenize their artistic or signature products in the market for profits using NFTs as good investment and NFTs for sale.
As Blockchain is a breakthrough in the digital world, NFT is an emerging business to invest in. All it needs is the best NFT token developer.
In the coming years, advanced technologies like Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) will have their influence on NFT. NFT and music, NFT and fashion, NFT and gaming, NFT and crypto, NFT and copyright will go hand in hand.