By CNBCTV18.com Contributor Jan 20, 2022 11:34:19 AM IST (Published)
The ownership of an asset is represented by NFTs, and this ownership is recorded on a distributed ledger.
Non-fungible tokens (NFT) virtually caught the minds of every blockchain enthusiast in the year 2021. Musicians, artists, and celebrities are clamoring to launch NFTs, or non-fungible tokens, which are unique digital assets with ownership rights verified and stored on a blockchain. It’s a way to have ownership over content that’s been historically easy to replicate online.
The ownership of an asset is represented by NFTs, and this ownership is recorded on a distributed ledger.
In 2021, investors, developers, institutions, central banks, and, most importantly, governments showed the strongest interest in the digital asset class. As the world prepares for Web 3.0, 2021 will be remembered as the year when cryptocurrency fully took off, earning widespread acceptance and upending everyone's view of money.