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NFT Future: What is NFT, India has a great future, see how NFT works

NFT Future in India : Nowadays, many misconceptions are being created among the people regarding digital money transfer. People think that there should be many work related to the bank which is done digitally. Many people are also taking interest in NFT (Non-Fungible Token). At present, major markets and social networks in India are working for NFTs.

What is NFT
The full form of NFT is Non-Fungible Token. Which means it can neither be changed nor interchanged as it has unique properties. Digital Asset-NFT is a digital asset representing Internet collectibles such as art, music and games, created by blockchain technology with an authenticated certificate that underlies the cryptocurrency .

What is Fungibility
Fungibility is the ability of an asset or commodity to be interchanged with another individual asset or commodity of the same type. If you lend me Rs 50 for one day and I return that Rs 50 to you the next day. You are not going to expect the same Rs 50 note that you gave me, are you? I can return you any other 50 rupee note the next day. Therefore, when the value of an item is better than the specification of the item, it is a fungible item.

Currency Note, Gold Bar etc. By default, nothing is rarely fungible. Most things are Non-Fungible, with which there is some degree of Fungibility associated with it. For example, a collectible such as art, and antiques are completely Non-Fungible. Now back to our 50 rupee note example. Suppose there is an autograph of Bollywood’s big celebrity Amitabh Bachchan on that 50 note. So now it is Unique and Non-Fungible.

Industry inclination towards NFT
According to startups sources, NFTs have a lot of importance in the fintech industry as well. Billion dollar gaming sector, which includes Cryptopunk, Bored Ape Yacht Club. They can also give you a passive income. These are some of the big names who have contributed significantly to the promotion of NFTs within the crypto community. In the last two years and especially in 2021, India has been embracing the new technology with over 86 active NFT-based startups.

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