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How NFTs are Reinventing the Digital World

Cigniti is one of the few IT service providers to have invested in a couple of its own blockchain sandboxes across diverse blockchain technologies. These sandboxes are designed to quickly create a viable prototype for any business application, providing a ready environment to test the viability of the concept and effectiveness of its configuration.

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How NFTs are Reinventing the Digital World

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  1. How NFTs are Reinventing the Digital World

  2. How NFTs are Reinventing the Digital World • One of the technological evolutions that has caught the attention in recent times is Non-Fungible Tokens (NFTs). It has been a phenomenon, with the values of some of the NFTs reaching astronomical heights. It remains to be seen whether this will be a bubble like the Tulip Mania or the Dot Com bubble, or whether it will mature into a viable technological option. Whatever the market dynamics in terms of value, NFTs do offer use cases that can be of great interest to the current day’s digital world. • What are NFTs? NFT expands to non-fungible tokens. As a definition, we can define NFT as "a cryptographic asset on a blockchain with identification codes that distinguish them from each other." Importantly, they can’t be traded or exchanged at equal value like cryptocurrency and fungible tokens. • The two key terms to note here are • Fungibility which is the property of a good or a commodity whose individual units are essentially interchangeable and each of whose parts is indistinguishable from another part and • Token, which is a digital asset that is supposed to carry a value and give a right of ownership to the possessor. • While NFT is a token, i.e., a digital asset, it is not fungible in the sense that each NFT is distinguishable or unique and hence cannot be traded for each other.

  3. How NFTs are Reinventing the Digital World • The evolution of NFTs is greatly influenced by the evolution of technology itself. There are many technology enablers that allowed NFTs to come into existence and become popular. A list of the most influential technology enablers would be • Distributed Ledger - The concept of a distributed ledger is at the heart of the blockchain revolution. A distributed ledger is a decentralized repository stored and maintained in multiple places. • Blockchain Technology - A distributed database that is shared among the nodes of a computer network, unlike the typical database where there is a central repository. The evolution of NFTs can directly be related to the blockchain technology itself. • Smart contract - a software program that can automatically trigger legally tenable actions as per the pre-defined business logic. • Cryptocurrencies - Digital or virtual currencies secured by cryptography, which makes them nearly impossible to counterfeit or double-spend. NFTs are traded through Digital Wallets of crypto currencies. • Interesting right? • Want to know more on this topic: https://bit.ly/3nIBxk8

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