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Adavantage and Disadvantage of NFTS and its APPLICATIONS

A non-fungible token (NFT) is a unique, unrepeatable and indivisible digital asset that, linked to the development of blockchain technology and the phenomenon of cryptocurrencies, continues to gain presence.

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Adavantage and Disadvantage of NFTS and its APPLICATIONS

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  1. Adavantage and Disadvantage of NFTS and its APPLICATIONS

  2. ADVANTAGE OF NFT ADVANTAGE OF NFT The main advantage of NFTs is their reliability. Blockchain technology allows full knowledge of the work's provenance and copyright details, with the potential to include additional information that will always be part of the code and therefore inseparable from the work. This prevents counterfeiting and theft of works, and allows artists to be more securely compensated.

  3. DISADVANTAGE OF NFT DISADVANTAGE OF NFT The disadvantages are related, above all, to the fact that they are non-tangible assets. They are works of art that live in a computer network and, in essence, cannot be considered as an object in itself. Presentation In addition, there is a growing concern about the amount of energy consumed by the processing of digital assets, in the event that this does not come from renewable sources , and the impact it may have on climate change .

  4. APPLICATIONS OF NON- APPLICATIONS OF NON- FUNGIBLE TOKEN FUNGIBLE TOKEN NFTs are perfect for digital art, in fact, the art market is making the most use of them, but there are many other sectors betting on this technology. Here we review some examples:

  5. COLLECTION : COLLECTION : Like those of cards, however in computerized design. This year, a NFT card of a LeBron James dunk on the NBA Top Shot stage sold for $208,000. VIDEO GAME : VIDEO GAME : NFTs can be used to represent in-game assets, such as a piece of land, a castle, o a virtual weapon, that are owned by the player. MUSIC : MUSIC : Blockchain technology allows musicians to publish their work as NFTs, in the form of limited editions, for example, and thus monetize it. During the pandemic it has saved the income of many.

  6. CINEMA : CINEMA : Although less common, in March the short documentary Claude Lanzmann: Specters of the Shoah became the first film nominated for an Oscar (it was in 2015) auctioned as NFT. SPORTS : SPORTS : Famous athletes are using NFTs to earn more image revenue. NBA player Spencer Dinwiddie tokenized his contract so that others could invest in him. FASHION : FASHION : Nike has a patent that allows an NFT to be attached to physical products, such as a pair of sneakers, and it is called CryptoKicks.

  7. NFT AND ART NFT AND ART NFTs are massively affecting the craftsmanship world, for instance what occurred with the million-dollar work by Beeple referenced toward the start. Non-fungible tokens have opened up additional opportunities for computerized workmanship, which can now be considered as a feature of an assortment, as a venture or as an item to be exchanged with guaranteeing its creativity and worth What's more, it has permitted computerized craftsmen to sell their pictures, movements or recordings by interfacing straightforwardly with gatherers and accordingly expanding the pay for their work.

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