We are here for all your non fungible token development needs.
NFT – A data unit stored in a block chain that signifies a digital asset to be one of a kind. It is not interchangeable
and it assures the uniqueness of the set of data it represents, hence non fungible.
An artwork called “Beeple’s Art” was sold for $69 million. And the bidder did not get a physical painting, but rather a code, known as NFT. Similarly, WazirX, an online exchange platform for cryptocurrency has opened a marketplace where Indian artists can showcase and sell their artwork through NFT exchange. Fungible refers to items that are mutually replaceable. This makes NFT an assurance for distinctiveness. The major implication of this technology is to tokenize digital collectibles such as artworks. Being non interchangeable also means that NFT cannot be used as a currency but rather as a value addition to a digital collectible such as an artwork or a piece of music. The efficacy of such a transaction mode is that the blockchain will automatically trace the origin of the NFT and thus pay or reward the creator without fail. For instance, every secondary sale of an artwork can mean the artist gets paid directly with no middle man involved. This was the case when the famous NFT cat painting “Nyan Cat”, which was sold for almost $600,000 and the creator Chris Torres getting royalty for every secondary sale that occurred.
Most of the NFTs currently circulating within the market is under an Ethereum framework. This is the foundation for trading NFTs. By buying an NFT or creating one, you get a right to link the token to your own digital wallet, and the blockchain tech behind it ensures that it may not be reproduced, lost, or fraudulently copied. Apart from digital collectibles, NFTs can also extend to physical, tangible assets like buildings. And brands have been jumping on the bandwagon like Taco Bell putting NFTacoBells, a series of GIFs, up for bidding. The person who buys these GIFs are assured that they will be the sole owners of the original GIFs.
All the uniqueness and non replaceable nature of NFTs has increased the number and usage of such tokens globally. We at Orion eSolutions we promise to be your NFT development company and equip you with a strong base for transactions using NFTs. We can be the backbone of your blockchain offerings and streamline services adequately.