Progression Of The Filigree Of Cryptographic Assets: A Comprehensive Study On The Legitimate Frontiers And Contemporary Challenges Of NFTs In India
- IJLLR Journal
- Feb 14
- 2 min read
Subhra Dan, Adamas University, Kolkata
ABSTRACT
The world has faced a drastic change in every aspect of business, commerce, trading, fintech and other media after the amelioration of technology. In the world of trading in digital assets or currency exchange, there entered a new game-changing player which is termed as NFT or non- fungible token. The literal meaning of the phrase non-fungible token means unique digital assets with legitimate authorization or certificate of token means unique digital assets with legitimate authorization or certificate of ownership of the creators which are non-interchangeable, unlike other cryptocurrencies. The unique assets include digital artworks, music, photographs, unique gifs, digital games, video clips or any other media. In the past few years, NFT has gained huge popularity throughout the globe as it is a very ground-breaking technology stemming from blockchain. One of the fundamental features of blockchain is that it is unyielding as well as decentralized in nature. The non- fungible tokens are sets of data or codes that are cryptographically generated for unique or idiosyncratic creations in the virtual world that are stored on e- legers i.e. blockchain. The non-fungible feature of NFT is exclusively related to its uniqueness and it can never be replaced by any other NFTs, unlike other cryptocurrencies like Bitcoins which can be positively exchanged with other cryptos of similar worth or value. This difference arises due to the peculiar nature of NFTs which is the digital asset based on real-world objects like art, music, games and other notable media. The metadata of the NFTs also differ from each other which further escalates the authentication of the assets. Though NFTs are gaining immense popularity in the creative media industry it is not restricted within it. Almost every nation and its people are engaging themselves in the creation and trading of digital assets. In the last few years, the involvement of traders from India has been escalating at an immense rate in the digital trade world. According to national reports related to trade and e-commerce, almost an amount of 60,000 to 70,000 crore has been traded from India in the last five years in NFTs.
