PBA ReporterIn reality, digital currencies such as Bitcoin are becoming more and more popular as we launch into a more digitalised society. With the wide penetrating power, many people now believe that cryptocurrencies will eventually replace our traditional paper notes.
We all know that Bitcoin is the flagship crypto, right? But, there is another revolution that has happened in the industry called, the ‘non-fungible token’ now being popularized as NFTs.
“What are they?” You are probably wondering now. Not to worry. It’s not herculean to figure out. NFTs are simply the digital version of a collectable. Note that while NFTs are assets, they don’t exist in the physical world just like the entire blockchain concept.
Ideally, the ‘non-fungible’ part of NFT means that it is completely unique and cannot be directly replaced with something else.
Emphatically, NFTs are assets that exist in the digital world with no physical version, and digital tokens serve as the certificate of ownership for these assets. Let’s say, they are e-assets.
The records of who owns what NFT is stored on the blockchain, supported and kept safe by the ledger.
Like the entire blockchain industry, the NFTs market is quite an interesting one. Many people argue that the e-commodities are just another craze which will lead to a bubble that will eventually burst. But no! The investments in this market suggest the contrary, with over 10 billion dollars traded in the third quarter of 2021 alone.
Prime Business Africa reports that even the popular America’s news agency, Associated Press in its diversification quest actually looked the way of the NFTs. The AP management has already concluded plans to that regard. Please read Associated Press Diversifies, Set To Launch Blockchain Marketplace For Photojournalists for more detail.
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