NFT laws: How a simple concept can lead to change in the world?



Non-fungible tokens (NFTs) refer to a type of non-replicated token. Isn't that amazing? Let's get it straight. Do you still remember our old school days when we ate Cheetos and collected Pokemon cards? Analogously, a Non-Fungible Token is a type of digital asset that is similar to the Pokeman cards.


A Non-Fungible Token (NFT hereinafter) represents real-life objects or digital works on the internet. It is metadata minted on a blockchain and stored in the form of a link. It is a certificate of ownership for a virtual or physical asset that represents real-life objects such as art, image, video, audio files etc. It is recorded in a blockchain.


The Blockchain


Blockchain is a public ledger. It is maintained by thousands of computers worldwide. Let’s take an example -

A bank records a customer’s activity and determines if he has enough balance left in his account. In the same way, the blockchain records all transactions and maintains a public record in a worldview. The interesting thing is - No valid record can be changed in the blockchain and anyone can verify the transaction that has been recorded.


The NFT