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Showing posts with the label Non Fungible Tokens list

Non-Fungible Tokens: Are they legal?

Non–Fungible Tokens have grabbed a lot of attention of people in the year 2021 as in March of this year the most expensive NFT was sold at a whopping price of $69.3 million (approx. 512 Crore INR) in an auction, this artwork was created by an artist known as Beeple. The amazing thing here is that any person can see this image over the internet for free, and at such a high price the owner only gets a digital image in the form of NFT and some rights with it and nothing else.  A NFT is a token created digitally for an artistic work, song or an image in order to sell the work and provide certain rights related to it to another person, it is based on the Blockchain technology, which is basically a chain of blocks that are linked together using cryptography, these blocks contain information similar to a ledger which is distributed across all the computers having that particular blockchain. It has the property that if one value of a block is altered then the value of all the blocks preced...