Puzzled about NFTs? An expert demystifies this digital asset and its marketplace

Updated On: 27 January, 2022 04:25 PM IST | Mumbai | Sarasvati T

Non-fungible Tokens (NFTs) are touted as the future of trading digital art and creatives. With more companies diversifying into various assets built on blockchain technology and as curiosity about the metaverse rises in 2022, Dhruv Saxena from NFT platform Fantico offers clarity on the concept of NFTs and how do they work

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Image for representation: iStock

There’s no doubt the buzz around NFTs is growing. Earlier this month, OpenSea, one of the largest Non-Fungible Token (NFT) collection platforms, reached four billion dollars in trading volume for the month of January, a feat that was linked to the sale of ‘Bored Ape Yacht Club’, Ethereum-based NFTs of cartoon apes depicting varying emotions. The collection was purchased by celebrities such as Eminem, Britney Spears and Jimmy Fallon. Moreover, by December 2021, the NFT market had generated over 23 billion dollars in trading volume, according to a Forbes.com report.

From art and gaming to the 3D universe of metaverse – all part of an alternate online trading space based on the blockchain technology – digital media and investment companies have been increasingly venturing into various possibilities of the NFTs. Blockchain technology, to be clear, is a digital ledger or system for recording information of transactions, which is distributed to all the computer systems on the blockchain for transparency and in a way that is impossible to hack or change. A number of Indian celebrities, including Kamal Hassan, AR Rahman and Yuvraj Singh have also embraced the NFT marketplace for promoting movie posters, digital art, autographs and audio-visual production. Most recently, Daler Mehndi made news for becoming the first Indian artist to perform in a metaverse concert for his audience on Republic Day.

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